TIPTREE INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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(22) Earnings Per Share
The Company calculates basic net income per share of common stock (common share) based on the weighted average number of common shares outstanding, which includes vested corporate RSUs. Unvested corporate RSUs have a non-forfeitable right to participate in dividends declared and paid on the Company’s common stock on an as vested basis and are therefore considered a participating security. The Company calculates basic earnings per share using the “two-class” method under which the income available to common stockholders is allocated to the unvested corporate RSUs.
Diluted net income attributable to common stockholders includes the effect of unvested subsidiaries’ RSUs, when dilutive. The assumed exercise of all potentially dilutive instruments is included in the diluted net income per common share calculation, if dilutive.
The following table presents a reconciliation of basic and diluted net income per common share for the following periods:
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Net income (loss) | $39,997 | $3,561 | $44,051 |
| Less: | |||
| Net income (loss) attributable to non-controlling interests | 26,046 | 11,835 | 5,919 |
| Net income allocated to participating securities | 100 | — | 703 |
| Net income (loss) attributable to Tiptree Inc. common shares - basic | 13,851 | (8,274) | 37,429 |
| Effect of Dilutive Securities: | |||
| Securities of subsidiaries | (1,298) | — | (780) |
| Adjustments to income relating to exchangeable interests and contingent considerations, net of tax | — | — | 9 |
| Net income (loss) attributable to Tiptree Inc. common shares - diluted | $12,553 | $(8,274) | $36,658 |
| Weighted average number of shares of common stock outstanding - basic | 36,693,204 | 35,531,149 | 33,223,792 |
| Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations | 925,891 | — | 464,464 |
| Weighted average number of shares of common stock outstanding - diluted | 37,619,095 | 35,531,149 | 33,688,256 |
| Basic net income (loss) attributable to common shares | $0.38 | $(0.23) | $1.13 |
| Diluted net income (loss) attributable to common shares | $0.33 | $(0.23) | $1.09 |
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