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Earnings (Loss) Per Share and Dividends

12 Months Ended

Dec. 31, 2025

Earnings (Loss) Per Share and Dividends

Earnings (Loss) Per Share and Dividends

5. Earnings (Loss) Per Share and Dividends

Earnings (Loss) Per Share

Basic earnings (loss) per share (“EPS”) measures the performance of an entity over the reporting period. Diluted EPS measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The treasury stock method is used to determine the dilutive effect of time-based restricted stock units. The dilutive effect of performance-based restricted stock units is measured using the guidance for contingently issuable shares.

The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS calculations (in thousands, except shares and per share information):


		Year Ended
		December 31,
		2025			2024			2023
Numerator
Net income (loss) attributable to RE/MAX Holdings, Inc.		$	8,153		$	7,123		$	(69,022)
Denominator for basic net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding			19,845,469			18,780,200			18,111,409
Denominator for diluted net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding			19,845,469			18,780,200			18,111,409
Add dilutive effect of the following:
Restricted stock ^(a)			554,579			513,627			—
Weighted average shares of Class A common stock outstanding, diluted			20,400,048			19,293,827			18,111,409
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic		$	0.41		$	0.38		$	(3.81)
Diluted		$	0.40		$	0.37		$	(3.81)

(a)	As the Company had a net loss for the year ended December 31, 2023, these shares would have been considered anti-dilutive and therefore there is no effect on the weighted average shares of Class A common stock outstanding EPS calculation.

Outstanding Class B common stock does not share in the earnings of Holdings and is therefore not a participating security. Accordingly, basic and diluted net income (loss) per share of Class B common stock has not been presented.

Dividends

During the fourth quarter of 2023, in light of the litigation settlement (See Note 13, Commitments and Contingencies) and ongoing challenging housing and mortgage market conditions, the Company’s Board of Directors suspended the Company’s quarterly dividend and no dividends have been paid since. The Company paid a dividend of $0.23 per share in the first three quarters for the year ended December 31, 2023. All dividends were paid during the quarter the dividend was declared and there were no dividends outstanding for any period presented.

Share Repurchases and Retirement

In January 2022, the Company’s Board of Directors authorized a common stock repurchase program of up to $100 million. The share repurchase program has no expiration date and may be suspended or discontinued at any time. During the year ended December 31, 2025, the Company did not repurchase any shares of the Company’s Class A common stock. As of December 31, 2025, $62.5 million remained available under the share repurchase program.