Earnings Per Share

3 Months Ended

Mar. 31, 2025

Note 11. Earnings Per Share

The Company calculates earnings per share in accordance with ASC 260, Earnings Per Share. The Company has elected to use the number of shares outstanding as of the day of the Spin-Off, as the denominator number of shares for the period prior to the Spin-Off; an acceptable approach under ASC 260 that spun-off entities may use when the spin-off occurs within the financial reporting period. The outstanding shares at Spin-Off were unchanged as of March 31, 2025. For the three months ended March 31, 2025, basic and diluted earnings per share is calculated by dividing net income attributed to common stockholders after the Spin-Off by the basic and diluted weighted shares outstanding for the period. The pre-spin net loss of $25.0 million for the period from January 1, 2025 through February 7, 2025 is added back to net income for purposes of earnings per share. For the three months ended March 31, 2024, Lennar was the sole shareholder.

Basic and diluted earnings per share was calculated as follows:


	Three Months Ended
	March 31, 2025		March 31, 2024
(Dollars in thousands, except share amounts)
Numerator:
Net income (loss)	$	39,806	$	(56,987	)
Adjustment for expenses from pre-spin periods		24,960		-
Numerator for basic and diluted earnings per share	$	64,766	$	(56,987	)
Denominator:
Weighted average common shares outstanding - basic and diluted (1)		166,003,497		-
Basic and diluted earnings per share	$	0.39	$	-

(1) Basic and diluted weighted average common shares for the three months ended March 31, 2025 represent the common shares issued at the Spin-Off, which are the common shares outstanding as of March 31, 2025. No publicly-listed shares were outstanding as of March 31, 2024.

As of March 31, 2025 and March 31, 2024, there are no dilutive securities outstanding.