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)

6 Months Ended

Jun. 30, 2014

Computation of Basic and Diluted Earnings per Share Subsequent to IPO

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2014 (in thousands, except per share data):


	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014
Numerator (Basic and Diluted):
Net income	$	12,796		$	19,578

Denominator:
Basic
Weighted average common shares issued and outstanding		36,615			36,608
Deduct: Unvested RSAs ⁽¹⁾		(44	)		(37	)
Add: Fully vested DSUs ⁽²⁾		2,276			2,276

Weighted Average Common Shares Outstanding		38,847			38,847

Basic earnings per common share	$	0.33		$	0.50

Diluted
Weighted Average Common Shares Outstanding from above		38,847			38,847
Add: Dilutive effect of RSUs and RSAs		79			70

Weighted Average Common Shares Outstanding		38,926			38,917

Diluted earnings per common share	$	0.33		$	0.50

⁽¹⁾	RSAs were issued and outstanding to the non-employee directors and have a three year vesting term subject to service requirements. See Note 9 – “Stock-Based Compensation” for additional information.

⁽²⁾

DSUs of 2.3 million shares are included in weighted average common shares outstanding as the DSUs were fully vested upon receipt and will be settled in actual stock issued at a rate of 20% per year if the participant remains employed by the Company during that period (or otherwise all unsettled shares of stock upon termination of employment will be settled five years from the termination date). See Note 9 – “Stock-Based Compensation” for additional information.