Marcus & Millichap, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Earnings per Share

Earnings per Share

12 Months Ended

Dec. 31, 2021

14.	Earnings per Share

Basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019 consisted of the following (in thousands, except per share data):


	Years Ended December 31,
	2021			2020			2019
Numerator (Basic and Diluted):
Net income	$	142,470		$	42,838		$	76,930
Change in value for stock settled consideration		27			3			—

Adjusted net income	$	142,497		$	42,835		$	76,930

Denominator:
Basic
Weighted Average Common Shares Issued and Outstanding		39,575			39,318			39,083
Deduct: Unvested RSAs (1)		(14	)		(18	)		(21	)
Add: Fully vested DSUs (2)		327			342			342

Weighted Average Common Shares Outstanding		39,888			39,642			39,404

Basic earnings per common share	$	3.57		$	1.08		$	1.95

Diluted
Weighted Average Common Shares Outstanding from above		39,888			39,642			39,404
Add: Dilutive effect of RSUs, RSAs & ESPP		206			67			144
Add: Contingently issuable shares (3)		93			26			—

Weighted Average Common Shares Outstanding		40,187			39,735			39,548

Diluted earnings per common share	$	3.55		$	1.08		$	1.95

Antidilutive shares excluded from diluted earnings per common share (4)		366			684			348

(1)	RSAs were issued and outstanding to the non-employee directors and have a one -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)	Relates to contingently issuable stock settled consideration.

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