Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.21.2
Earnings Per Share
6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
We use the treasury stock method to calculate EPS as our currently issued Warrants do not have participating rights.

The following table sets forth the computation of basic and diluted EPS for the three and six months ended June 30, 2021 and 2020:

Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
(dollars in thousands, except share and per share amounts)
Numerator
Net income (loss) attributable to Landsea Homes Corporation $ 10,664  $ (20,270) $ 3,590  $ (22,806)
Less: undistributed earnings allocated to participating shares (236) —  (78) — 
Net income (loss) attributable to common stockholders $ 10,428  $ (20,270) $ 3,512  $ (22,806)
Denominator
Weighted average common shares outstanding - basic 46,281,091  32,557,303  45,800,267  32,557,303 
Adjustment for weighted average participating shares outstanding (1,000,000) —  (966,667) — 
Adjusted weighted average common shares outstanding under two class method - basic 45,281,091  32,557,303  44,833,600  32,557,303 
Dilutive effect of warrants —  —  —  — 
Dilutive effect of share-based awards —  —  3,854  — 
Adjusted weighted average common shares outstanding under two class method - diluted 45,281,091  32,557,303  44,837,454  32,557,303 
Earnings per share
Basic $ 0.23  $ (0.62) $ 0.08  $ (0.70)
Diluted $ 0.23  $ (0.62) $ 0.08  $ (0.70)

Warrants are excluded from the calculation of diluted EPS as they are antidilutive. We excluded 7.1 million common stock unit equivalents from our diluted EPS during the three and six months ended June 30, 2021.