Earnings Per Share

The Company calculates basic net income per share of common stock (common share) based on the weighted average number of common shares outstanding, which includes vested corporate RSUs. Unvested corporate RSUs have a non-forfeitable right to participate in dividends declared and paid on the Company’s common stock on an as vested basis and are therefore considered a participating security. The Company calculates basic earnings per share using the “two-class” method under which the income available to common stockholders is allocated to the unvested corporate RSUs.

Diluted net income attributable to common stockholders includes the effect of unvested subsidiaries’ RSUs, when dilutive. The assumed exercise of all potentially dilutive instruments is included in the diluted net income per common share calculation, if dilutive.

The following table presents a reconciliation of basic and diluted net income per common share for the following periods:



	For the Year Ended December 31,
	2024		2023		2022
Net income (loss)	$	87,667	$	39,997	$	3,561
Less:
Net income (loss) attributable to non-controlling interests	34,300		26,046		11,835
Net income allocated to participating securities	422		100		—
Net income (loss) attributable to Tiptree Inc. common shares - basic	52,945		13,851		(8,274)






Effect of Dilutive Securities:
Securities of subsidiaries	(3,665)		(1,298)		—

Net income (loss) attributable to Tiptree Inc. common shares - diluted	$	49,280	$	12,553	$	(8,274)
Weighted average number of shares of common stock outstanding - basic	36,872,706		36,693,204		35,531,149
Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations	1,054,086		925,891		—
Weighted average number of shares of common stock outstanding - diluted	37,926,792		37,619,095		35,531,149




Basic net income (loss) attributable to common shares	$	1.44	$	0.38	$	(0.23)




Diluted net income (loss) attributable to common shares	$	1.30	$	0.33	$	(0.23)

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.

TIPTREE INC. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures