Marcus & Millichap, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share (Tables)

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2018

Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share

Basic and diluted earnings per share for the three and nine months ended September 30, 2018 and 2017, respectively consisted of the following (in thousands, except per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Numerator (Basic and Diluted):
Net income	$	20,854		$	15,475		$	61,032		$	43,044

Denominator:
Basic
Weighted average common shares issued and outstanding		38,641			38,132			38,598			38,094
Deduct: Unvested RSAs ⁽¹⁾		(29	)		(29	)		(30	)		(29	)
Add: Fully vested DSUs ⁽²⁾		579			930			579			930

Weighted Average Common Shares Outstanding		39,191			39,033			39,147			38,995

Basic earnings per common share	$	0.53		$	0.40		$	1.56		$	1.10

Diluted
Weighted Average Common Shares Outstanding from above		39,191			39,033			39,147			38,995
Add: Dilutive effect of RSUs, RSAs & ESPP		293			171			212			141

Weighted Average Common Shares Outstanding		39,484			39,204			39,359			39,136

Diluted earnings per common share	$	0.53		$	0.39		$	1.55		$	1.10

Antidilutive shares excluded from diluted earnings per common share ⁽³⁾		76			205			250			381

⁽¹⁾	RSAs were issued and outstanding to the non-employee directors and have a one-year or three-year vesting term subject to service requirements. See Note 11 – “Stock-Based Compensation Plans” for additional information.

⁽²⁾	Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 11 – “Stock-Based Compensation Plans” for additional information.

⁽³⁾	Primarily pertaining to RSU grants to the Company’s employees and independent contractors.