Earnings Per Share

3 Months Ended

Mar. 31, 2021

The Company calculates basic net income per share of common stock (common share) based on the weighted average number of common shares outstanding, which includes vested corporate RSUs. Unvested corporate RSUs have a non-forfeitable right to participate in dividends declared and paid on the Company’s common stock on an as vested basis and are therefore considered a participating security. The Company calculates basic earnings per share using the “two-class” method under which the income available to common stockholders is allocated to the unvested corporate RSUs.

Diluted net income attributable to common stockholders includes the effect of unvested subsidiaries’ RSUs, when dilutive. The assumed exercise of all potentially dilutive instruments are included in the diluted net income per common share calculation, if dilutive.

The following table presents a reconciliation of basic and diluted net income per common share for the following periods:


	Three Months Ended March 31,
	2021		2020
Net income (loss)	$	30,640	$	(60,570)
Less:
Net income (loss) attributable to non-controlling interests	2,059		(563)
Net income allocated to participating securities	602		—
Net income (loss) attributable to Tiptree Inc. common shares - basic	27,979		(60,007)







Effect of Dilutive Securities:
Securities of subsidiaries	(574)		—
Adjustments to income relating to exchangeable interests, net of tax	1,961		—
Net income (loss) attributable to Tiptree Inc. common shares - diluted	$	29,366	$	(60,007)

Weighted average number of shares of common stock outstanding - basic	32,420,982		34,566,330
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations	3,763,037		—
Weighted average number of shares of common stock outstanding - diluted	36,184,019		34,566,330




Basic net income (loss) attributable to common shares	$	0.86	$	(1.74)




Diluted net income (loss) attributable to common shares	$	0.81	$	(1.74)