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

Quarterly report pursuant to Section 13 or 15(d)

(Loss) Earnings per Share (Tables)

(Loss) Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2023

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

Basic and diluted (loss) earnings per share for the three and six months ended June 30, 2023 and 2022, respectively consisted of the following (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator (Basic and Diluted):
Net (loss) income	$	(8,729)	$	42,168	$	(14,562)	$	74,951
Change in value for stock settled consideration(3)	13		(24)		37		(38)
Adjusted net (loss) income	$	(8,716)	$	42,144	$	(14,525)	$	74,913

Denominator:
Basic
Weighted average common shares issued and outstanding	38,553		39,936		38,880		39,829
Deduct: Unvested RSAs (1)	(15)		(12)		(13)		(13)
Add: Fully vested DSUs (2)	—		124		—		202
Weighted average common shares outstanding	38,538		40,048		38,867		40,018

Basic (loss) earnings per common share	$	(0.23)	$	1.05	$	(0.37)	$	1.87
Diluted
Weighted average common shares outstanding from above	38,538		40,048		38,867		40,018
Add: Dilutive effect of RSUs, RSAs & ESPP(5)	—		213		—		291
Add: Contingently issuable shares(3)(5)	—		81		—		81
Weighted average common shares outstanding	38,538		40,342		38,867		40,390
Diluted (loss) earnings per common share	$	(0.23)	$	1.04	$	(0.37)	$	1.85
Antidilutive shares excluded from diluted earnings per common share(4)	1,887		843		1,781		843

(1)RSAs were issued and outstanding to the non-employee directors and have a one-year vesting term subject to service requirements. See Note 9 – “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 9 – “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.

(5)Shares related to the Company's RSUs, RSAs, ESPP, and contingently issuable shares were excluded from the weighted average common shares outstanding for the three and six months ended June 30, 2023 because inclusion of such shares would be antidilutive in a period of loss.