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Earnings Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | Note 15 — Earnings Per Share The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that shared in earnings. The following table presents the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands, except per share data) |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Velocity Financial, Inc. |  | $ | 25,373 |  |  | $ | 15,803 |  |  | $ | 70,257 |  |  | $ | 47,832 |
Less: undistributed earnings attributable to unvested restricted stock awards |  |  | 352 |  |  |  | 191 |  |  |  | 871 |  |  |  | 580 |
Net earnings attributable to common stockholders |  | $ | 25,021 |  |  | $ | 15,612 |  |  | $ | 69,386 |  |  | $ | 47,252 |
Weighted average common shares outstanding |  |  | 38,073 |  |  |  | 32,711 |  |  |  | 36,335 |  |  |  | 32,613 |
Basic earnings per common share |  | $ | 0.66 |  |  | $ | 0.48 |  |  | $ | 1.91 |  |  | $ | 1.45 |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Velocity Financial, Inc. |  | $ | 25,373 |  |  | $ | 15,803 |  |  | $ | 70,257 |  |  | $ | 47,832 |
Weighted average common shares outstanding |  |  | 38,073 |  |  |  | 32,711 |  |  |  | 36,335 |  |  |  | 32,613 |
Add dilutive effects for warrants |  |  | — |  |  |  | 2,435 |  |  |  | 811 |  |  |  | 2,391 |
Add dilutive effects for stock options |  |  | 221 |  |  |  | 238 |  |  |  | 219 |  |  |  | 199 |
Add dilutive effects of unvested restricted stock awards |  |  | 138 |  |  |  | 185 |  |  |  | 120 |  |  |  | 163 |
Add dilutive effects of unvested performance-based stock units |  |  | 368 |  |  |  | 323 |  |  |  | 331 |  |  |  | 278 |
Add dilutive effects of employee stock purchase plan |  |  | — |  |  |  | 3 |  |  |  | 1 |  |  |  | 1 |
Weighted average diluted common shares outstanding |  |  | 38,800 |  |  |  | 35,895 |  |  |  | 37,817 |  |  |  | 35,645 |
Diluted earnings per common share |  | $ | 0.65 |  |  | $ | 0.44 |  |  | $ | 1.86 |  |  | $ | 1.34 |
The following table sets forth the number of shares excluded from the computation of diluted earnings per share, as their inclusion would have been anti-dilutive:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025(1) |  |  | 2024 |  |  | 2025(1) |  |  | 2024(1) |
Stock options |  |  | 317,581 |  |  |  | 83,359 |  |  |  | 314,421 |  |  |  | 27,853 |
Unvested restricted stock awards |  |  | — |  |  |  | 5,485 |  |  |  | 65,765 |  |  |  | 70,368 |
Employee stock purchase plan |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 35,846 |
Share equivalents excluded from EPS |  |  | 317,581 |  |  |  | 88,844 |  |  |  | 380,186 |  |  |  | 134,067 |
(1) Weighted average.

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