EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

Basic earnings per share is calculated by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding, after giving effect to all dilutive potential common shares outstanding during the period. Remeasurements to the carrying value of the redeemable noncontrolling interests in equity of subsidiaries are not deemed to be a dividend. According to ASC 480 - Distinguishing Liabilities from Equity, there is no impact on earnings per share in the computation of basic and diluted earnings per share to common shareholders for changes in the carrying value of the redeemable noncontrolling interests in equity, when such changes in carrying value which in substance approximates fair value.

Potential common shares that were not included in the computation of diluted loss per share because the effect was antidilutive was 2,781,112 as of June 30, 2024. Securities that could potentially dilute basic net income per share in the future that were not included in the computation of diluted net income per share as the effect would be anti-dilutive were 1,985,442 and 1,992,357 during the three and six months ended June 30, 2023, respectively, because to do so would have been anti-dilutive.

Basic and diluted earnings per share were calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net (loss) income attributable to B. Riley Financial, Inc.	$	(433,604)	$	46,381	$	(482,769)	$	63,536
Preferred stock dividends	(2,015)		(2,015)		(4,030)		(4,027)
Net (loss) income available to common shareholders	$	(435,619)	$	44,366	$	(486,799)	$	59,509

Weighted average common shares outstanding:
Basic	30,352,054		28,239,116		30,170,819		28,411,270
Effect of dilutive potential common shares:
Restricted stock units and warrants	—		415,130		—		671,615
Diluted	30,352,054		28,654,246		30,170,819		29,082,885

Basic (loss) income per common share	$	(14.35)	$	1.57	$	(16.13)	$	2.09
Diluted (loss) income per common share	$	(14.35)	$	1.55	$	(16.13)	$	2.05