Legacy Housing Corp Earnings Per Share Disclosure
16. EARNINGS PER SHARE
Basic earnings per common share (“EPS”) is computed based on the weighted-average number of common shares outstanding during the reporting period. Basic weighted average common shares outstanding do not include shares of restricted stock that have not yet vested, although such shares are included as outstanding shares in the Company’s balance sheets. Diluted EPS is based on the weighted-average number of common shares outstanding plus the number of additional shares that would have been outstanding had the dilutive common shares been issued. The following table reconciles the numerators and denominators used in the computations of both basic and diluted EPS.
Year ended | ||||||
December 31, | ||||||
2024 |
| 2023 | ||||
Numerator: | ||||||
Net income (in 000's) | $ | 61,642 | $ | 54,460 | ||
Denominator: | ||||||
Basic weighted-average common shares outstanding | 24,217,631 | 24,385,190 | ||||
Effect of dilutive securities: | ||||||
Restricted stock grants | - | 2,283 | ||||
Stock options | 636,147 | 683,153 | ||||
Diluted weighted-average common shares outstanding | 24,853,778 | 25,070,626 | ||||
Earnings per share attributable to Legacy Housing Corporation | ||||||
Basic | $ | 2.55 | $ | 2.23 | ||
Diluted | $ | 2.48 | $ | 2.17 | ||
In November 2022, our Board of Directors approved a share repurchase program to authorize the repurchase of up to $10.0 million of the Company’s common stock. On August 6, 2024, our Board of Directors authorized the repurchase of an additional $10.0 million of the Company’s common stock under the share repurchase program. We repurchased 262,530 shares of common stock for $5,398 in the open market during the year ended December 31, 2024. As of December 31, 2024, we had a remaining authorization of approximately $14,602. Between January 1, 2025 and March 10, 2025 we repurchased 29,385 shares of common stock for $674 in the open market.
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.