Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Earnings Per Share

v3.23.3
Note 12 - Earnings Per Share
9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Earnings Per Share [Text Block]

12. Earnings Per Share

 

Basic earnings per share is computed by dividing net income available to BBX Capital’s shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed in the same manner as basic earnings per share but also reflects potential dilution that could occur if restricted stock awards issued by BBX Capital were vested. Restricted stock awards, if dilutive, are considered in the weighted average number of dilutive common shares outstanding based on the treasury stock method.

 

The table below sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):

 

   

For the Three Months Ended

   

For the Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

Basic earnings per share

                               

Numerator:

                               

Net (loss) income

  $ (6,535 )     4,000       (6,407 )     12,463  

Net (income) loss attributable to noncontrolling interests

    (1,290 )     24       (1,516 )     200  

Net (loss) income available to shareholders

  $ (7,825 )     4,024       (7,923 )     12,663  

Denominator:

                               

Basic weighted average number of common shares outstanding

    14,354       15,409       14,354       15,452  

Basic (loss) earnings per share

  $ (0.55 )     0.26       (0.55 )     0.82  

Diluted (loss) earnings per share

                               

Numerator:

                               

Net (loss) income available to shareholders

  $ (7,825 )     4,024       (7,923 )     12,663  

Allocation of income to options on noncontrolling interests in real estate joint ventures

    (115 )           (112 )      

Diluted net (loss) income available to shareholders

  $ (7,940 )     4,024       (8,035 )     12,663  

Denominator:

                               

Basic weighted average number of common shares outstanding

    14,354       15,409       14,354       15,452  

Effect of dilutive restricted stock awards

          85             39  

Diluted weighted average number of common shares outstanding

    14,354       15,494       14,354       15,491  

Diluted (loss) earnings per share

  $ (0.55 )     0.26       (0.56 )     0.82  

 

 

During the three and nine months ended September 30, 2023, 930,614 of outstanding unvested restricted stock awards were anti-dilutive and not included in the computation of diluted earnings per share. During the three and nine months ended September 30, 2022, 776,552 of outstanding unvested restricted stock awards were anti-dilutive and not included in the computation of diluted earnings per share.