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Non-controlling Interest (Tables) | 6 Months Ended
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Jun. 30, 2023
Non-controlling Interest. |
Summary of Ownership of the Common Units | The ownership of the common units in RMCO is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023 | ​ | December 31, 2022 | ​
​ | ​ | Shares | ​ | Ownership % | ​ | Shares | ​ | Ownership % | ​
Non-controlling interest ownership of common units in RMCO | ​ | 12,559,600 | ​ | 40.9 | % | 12,559,600 | ​ | 41.3 | %
Holdings outstanding Class A common stock (equal to Holdings common units in RMCO) | ​ | 18,126,616 | ​ | 59.1 | % | 17,874,238 | ​ | 58.7 | %
Total common units in RMCO | ​ | 30,686,216 | ​ | 100.0 | % | 30,433,838 | ​ | 100.0 | %
Reconciliation from Income Before Provision for Income Taxes to Net Income | A reconciliation of “Income (loss) before provision for income taxes” to “Net income (loss) attributable to RE/MAX Holdings, Inc.” and “Net Income (loss) attributable to non-controlling interest” in the accompanying Condensed Consolidated Statements of Income (Loss) for the periods indicated is detailed as follows (in thousands, except percentages): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​
​ | ​ | 2023 | ​ | 2022 | ​
​ | ​ | RE/MAX Holdings, Inc. |  | Non-controlling interest |  | Total |  | RE/MAX Holdings, Inc. |  | Non-controlling interest |  | Total | ​
Weighted average ownership percentage of RMCO(a) | ​ | ​ | 59.1 | % | ​ | 40.9 | % | ​ | 100.0 | % | ​ | 60.2 | % | ​ | 39.8 | % | ​ | 100.0 | %
Income (loss) before provision for income taxes(a) | ​ | $ | 3,340 | ​ | $ | 2,326 | ​ | $ | 5,666 | ​ | $ | 7,750 | ​ | $ | 5,126 | ​ | $ | 12,876 | ​
(Provision) / benefit for income taxes(b)(c) | ​ | ​ | (1,330) | ​ | ​ | (1,092) | ​ | ​ | (2,422) | ​ | ​ | (1,921) | ​ | ​ | (680) | ​ | ​ | (2,601) | ​
Net income (loss) | ​ | $ | 2,010 | ​ | $ | 1,234 | ​ | $ | 3,244 | ​ | $ | 5,829 | ​ | $ | 4,446 | ​ | $ | 10,275 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30,
​ | ​ | 2023 | ​ | 2022 | ​
​ | ​ | RE/MAX Holdings, Inc. |  | Non-controlling interest |  | Total |  | RE/MAX Holdings, Inc. |  | Non-controlling interest |  | Total | ​
Weighted average ownership percentage of RMCO(a) | ​ | ​ | 58.9 | % | ​ | 41.1 | % | ​ | 100.0 | % | ​ | 60.2 | % | ​ | 39.8 | % | ​ | 100.0 | %
Income (loss) before provision for income taxes(a) | ​ | $ | 3,172 | ​ | $ | 2,207 | ​ | $ | 5,379 | ​ | $ | 10,235 | ​ | $ | 6,791 | ​ | $ | 17,026 | ​
(Provision) / benefit for income taxes(b) | ​ | ​ | (1,833) | ​ | ​ | (981) | ​ | ​ | (2,814) | ​ | ​ | (2,955) | ​ | ​ | (851) | ​ | ​ | (3,806) | ​
Net income (loss) | ​ | $ | 1,339 | ​ | $ | 1,226 | ​ | $ | 2,565 | ​ | $ | 7,280 | ​ | $ | 5,940 | ​ | $ | 13,220 | ​
(a) | The WAO percentage of RMCO differs from the allocation of income (loss) before provision for income taxes between Holdings and the non-controlling interest due to certain relatively insignificant items recorded at Holdings.
(b) | The provision for income taxes attributable to Holdings is primarily comprised of U.S. federal and state income taxes on its proportionate share of the flow-through income from RMCO. It also includes Holdings’ share of taxes directly incurred by RMCO and its subsidiaries, including taxes in certain foreign jurisdictions. See Note 9, Income Taxes for additional information.
Distributions Paid or Payable | The distributions paid or payable to non-controlling unitholders are summarized as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​
​ | Six Months Ended
​ | June 30,
​ | 2023 | ​ | 2022
Tax distributions | $ | — | ​ | $ | 1,645
Dividend distributions | ​ | 5,778 | ​ | ​ | 5,778
Total distributions to non-controlling unitholders | $ | 5,778 | ​ | $ | 7,423

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