| 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 nine months ended September 30, 2021 and 2020:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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(dollars in thousands, except share and per share amounts) |
| Numerator |
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| Net income (loss) attributable to Landsea Homes Corporation |
$ |
10,797 |
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$ |
3,184 |
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$ |
14,387 |
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$ |
(19,622) |
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| Less: undistributed earnings allocated to participating shares |
(239) |
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— |
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(315) |
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— |
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| Net income (loss) attributable to common stockholders |
$ |
10,558 |
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$ |
3,184 |
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$ |
14,072 |
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$ |
(19,622) |
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| Denominator |
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| Weighted average common shares outstanding - basic |
46,281,091 |
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32,557,303 |
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46,062,200 |
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32,557,303 |
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| Adjustment for weighted average participating shares outstanding |
(1,000,000) |
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— |
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(985,185) |
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— |
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| Adjusted weighted average common shares outstanding under two class method - basic |
45,281,091 |
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32,557,303 |
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45,077,015 |
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32,557,303 |
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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 |
48,800 |
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— |
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69,537 |
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— |
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| Adjusted weighted average common shares outstanding under two class method - diluted |
45,329,891 |
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32,557,303 |
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45,146,552 |
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32,557,303 |
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| Earnings per share |
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| Basic |
$ |
0.23 |
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$ |
0.10 |
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$ |
0.31 |
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$ |
(0.60) |
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| Diluted |
$ |
0.23 |
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$ |
0.10 |
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$ |
0.31 |
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$ |
(0.60) |
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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 nine months ended September 30, 2021.
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