Earnings Per Share

3 Months Ended

Mar. 31, 2022

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 is 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,
	2022		2021
Net income (loss)	$	(866)	$	30,640
Less:
Net income (loss) attributable to non-controlling interests	94		2,059
Net income allocated to participating securities	—		602
Net income (loss) attributable to Tiptree Inc. common shares - basic	(960)		27,979







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	$	(960)	$	29,366

Weighted average number of shares of common stock outstanding - basic	34,229,011		32,420,982
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	34,229,011		36,184,019




Basic net income (loss) attributable to common shares	$	(0.03)	$	0.86




Diluted net income (loss) attributable to common shares	$	(0.03)	$	0.81