Earnings Per Share
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Jun. 30, 2014
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Earnings Per Share | 4. EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income available to TMHC by the weighted average number of Class A Common Stock outstanding during the period. Diluted earnings per share gives effect to the potential dilution that could occur if all shares of Class B Common Stock and their corresponding New TMM Units were exchanged for Class A Common Stock and if equity awards to issue common stock that are dilutive were exercised (in thousands):
We excluded a total of 1,264,137 and 1,252,237 stock options and time-vesting RSUs from the calculation of earnings per common share for the three and six months ended June 30, 2014, respectively, and excluded 1,109,364 stock options from the calculation of the earnings per common share for the three and six months ended June 30, 2013, as their inclusion is anti-dilutive. The shares of Class B Common Stock have voting rights but no economic rights, including no rights to dividends or distribution on liquidation, and therefore, are not participating securities. Accordingly, Class B Common Stock is not included in basic earnings per share. Additionally, the income from Principal Equityholders’ non-controlling interest and the related Class B Shares produces an anti-dilutive effect on diluted earnings per common share. |