| Earnings Per Share The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2022 and 2021:
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Three Months Ended March 31, |
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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 (loss) attributable to Landsea Homes Corporation |
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$ |
13,065 |
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$ |
(7,074) |
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| Less: undistributed earnings allocated to participating shares |
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(289) |
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147 |
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| Net income (loss) attributable to common stockholders |
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$ |
12,776 |
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$ |
(6,927) |
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| Denominator |
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| Weighted average common shares outstanding - basic |
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46,347,369 |
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45,167,513 |
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| Adjustment for weighted average participating shares outstanding |
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(1,000,000) |
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(922,222) |
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| Adjustment for weighted average shares vested but awaiting issuance |
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— |
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556 |
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| Adjusted weighted average common shares outstanding under two class method - basic |
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45,347,369 |
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44,245,847 |
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| Dilutive effect of warrants |
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— |
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— |
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| Dilutive effect of share-based awards |
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161,187 |
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— |
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| Adjusted weighted average common shares outstanding under two class method - diluted |
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45,508,556 |
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44,245,847 |
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| Earnings per share |
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| Basic |
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$ |
0.28 |
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$ |
(0.16) |
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| Diluted |
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$ |
0.28 |
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$ |
(0.16) |
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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 months ended March 31, 2022 and 2021.
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