EARNINGS (LOSS) PER SHAREThe Company has restricted stock awards which will provide dividends at the same rate as paid on the common stock with respect to the shares underlying the restricted stock awards. These outstanding restricted stock awards represent participating securities under authoritative guidance. The Company would recognize payments of the cash dividends on these awards as reductions in additional paid-in-capital on the Company’s consolidated balance sheets. Income attributable to participating securities represents the undistributed earnings allocated to the participating securities using the two-class method permitted by GAAP for computing diluted EPS. The participating securities holders do not participate in the Company’s net losses.
On June 12, 2023, the Company announced that its Board had suspended the quarterly cash dividend, effective immediately; the final cash dividend was paid for the period ending March 31, 2023.
Additionally, on June 12, 2023, the Board also declared a stock dividend on the Company common stock of 5%, which was paid on June 30, 2023 to stockholders of record as of the close of business on June 22, 2023. Information concerning the Company’s common stock has been adjusted to give retroactive effect to the 5% stock dividend distributed to Company stockholders on June 30, 2023. All per-share amounts and references to share amounts were updated to reflect the retrospective effect of the stock dividend.
In its calculation of basic and diluted EPS for the year ended December 31, 2024, the Company did not adjust its net loss for the effect of these participating securities because the adjustment was anti-dilutive.
Net income (loss) for purposes of determining basic and diluted EPS applicable to common shares attributed to Douglas Elliman Inc. was as follows:
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| For the year ended December 31, |
| 2025 | | 2024 | | 2023 |
| Net income (loss) attributed to Douglas Elliman Inc. | $ | 15,219 | | | $ | (76,316) | | | $ | (42,552) | |
| Income attributable to participating securities | (711) | | | — | | | (307) | |
Net income (loss) available to common stockholders attributed to Douglas Elliman Inc. | $ | 14,508 | | | $ | (76,316) | | | $ | (42,859) | |
Basic EPS is computed by dividing net income (loss) available to common stockholders attributed to Douglas Elliman Inc. by the weighted-average number of shares outstanding, which will include vested restricted stock.
Basic and diluted EPS were calculated using the following common shares for the years ended December 31, 2025, 2024 and 2023:
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| For the year ended December 31, |
| 2025 | | 2024 | | 2023 |
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| Weighted-average shares for basic and diluted EPS | 84,598,404 | | | 83,502,500 | | | 82,247,015 | |
The following was outstanding during the years ended December 31, 2025, 2024 and 2023, but were not included in the computation of diluted EPS because the effect was anti-dilutive:
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| For the year ended December 31, |
| 2025 | | 2024 | | 2023 |
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| Weighted-average number of shares issuable upon conversion of debt | 27,123,288 | | | 33,333,333 | | | — | |
| Weighted-average conversion price | $ | 1.50 | | | $ | 1.50 | | | $ | — | |