| Schedule of Earnings Per Share, Basic and Diluted |
The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three and nine months ended September 30, 2022 and 2021:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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(dollars in thousands, except share and per share amounts) |
| Numerator |
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| Net income attributable to Landsea Homes Corporation |
$ |
19,970 |
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$ |
10,797 |
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$ |
47,970 |
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$ |
14,387 |
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| Less: undistributed earnings allocated to participating shares |
(487) |
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(239) |
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(1,094) |
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(315) |
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| Net income attributable to common stockholders |
$ |
19,483 |
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$ |
10,558 |
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$ |
46,876 |
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$ |
14,072 |
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| Denominator |
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| Weighted average common shares outstanding - basic |
40,935,152 |
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46,281,091 |
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43,768,269 |
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46,062,200 |
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| Adjustment for weighted average participating shares outstanding |
(1,000,000) |
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(1,000,000) |
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(1,000,000) |
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(985,185) |
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| Adjusted weighted average common shares outstanding under two class method - basic |
39,935,152 |
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45,281,091 |
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42,768,269 |
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45,077,015 |
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| Dilutive effect of warrants |
— |
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— |
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— |
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— |
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| Dilutive effect of share-based awards |
162,117 |
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48,800 |
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175,602 |
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69,537 |
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| Adjusted weighted average common shares outstanding under two class method - diluted |
40,097,269 |
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45,329,891 |
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42,943,871 |
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45,146,552 |
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| Earnings per share |
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| Basic |
$ |
0.49 |
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$ |
0.23 |
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$ |
1.10 |
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$ |
0.31 |
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| Diluted |
$ |
0.49 |
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$ |
0.23 |
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$ |
1.09 |
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$ |
0.31 |
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