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

Annual report pursuant to Section 13 and 15(d)

Earnings per Share (Tables)

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2017

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 years ended December 31, 2017, 2016 and 2015 consisted of the following (in thousands, except per share data):


	Years Ended December 31,
	2017			2016			2015
Numerator (Basic and Diluted):
Net income	$	51,524		$	64,657		$	66,350

Denominator:
Basic
Weighted Average Common Shares Issued and Outstanding		38,142			37,637			37,141
Deduct: Unvested RSAs ⁽¹⁾		(29	)		(36	)		(43	)
Add: Fully vested DSUs ⁽²⁾		875			1,298			1,750

Weighted Average Common Shares Outstanding		38,988			38,899			38,848

Basic earnings per common share	$	1.32		$	1.66		$	1.71

Diluted
Weighted Average Common Shares Outstanding from above		38,988			38,899			38,848
Add: Dilutive effect of RSUs, RSAs & ESPP		112			136			314

Weighted Average Common Shares Outstanding		39,100			39,035			39,162

Diluted earnings per common share	$	1.32		$	1.66		$	1.69

Antidilutive shares excluded from diluted earnings per common share ⁽³⁾		512			516			79

⁽¹⁾	RSAs were issued and outstanding to the non-employee directors and generally have a three-year vesting term subject to service requirements. See Note 10 – “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 – “Stockholders’ Equity” for additional information.

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