Earnings per share information has not been presented for periods
prior to the IPO on October 31, 2013. See Note 2 –
“Accounting Policies” for additional information.
The following table sets forth the computation of basic and diluted
earnings per share subsequent to the IPO for the year ended
December 31, 2014 and the period from October 31, 2013
through December 31, 2013 (in thousands, except per share
data):
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|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, 2014 |
|
|
Period from
October 31, 2013
through December
31, 2013 |
|
|
Numerator (Basic and Diluted):
|
|
|
|
|
|
|
|
|
|
Net income attributable to Marcus & Millichap, Inc.
|
|
$ |
$49,531 |
|
|
$ |
9,251 |
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
|
Weighted average common shares issued and outstanding
|
|
|
36,660 |
|
|
|
36,541 |
|
|
Deduct: Unvested RSAs (1)
|
|
|
(43 |
) |
|
|
(30 |
) |
|
Add: Fully vested DSUs (2)
|
|
|
2,234 |
|
|
|
2,276 |
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding
|
|
|
38,851 |
|
|
|
38,787 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share
|
|
$ |
1.27 |
|
|
$ |
0.24 |
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding from above
|
|
|
38,851 |
|
|
|
38,787 |
|
|
Add: Dilutive effect of RSUs, RSAs & ESPP
|
|
|
127 |
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding
|
|
|
38,978 |
|
|
|
38,815 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
$ |
1.27 |
|
|
$ |
0.24 |
|
|
|
|
|
|
|
|
|
|
|
(1) |
RSAs were issued and outstanding to
the non-employee directors and have a three year vesting term
subject to service requirements. See Note 10 –
“Stock-Based Compensation Plans” for additional
information. |
|
(2) |
DSUs shares are included in weighted
average common shares outstanding as the DSUs were fully vested
upon receipt. See Note 10 – “Stock-Based Compensation
Plans” for additional information. |
RSUs totaling 817,000 shares and 0 shares, primarily pertaining to
grants to the Company’s independent contractors, were
excluded from the calculation of diluted earnings per common share
for the year ended December 31, 2014 and 2013, respectively,
as the effects were antidilutive.
|