Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.22.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
Basic earnings per share is computed based on the weighted average number of shares of Class A and Class B shares outstanding during the period using the two-class method. Diluted earnings per share is computed based on the weighted average number of shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include restricted stock units ("RSUs") for Class A common stock.
The following table sets forth the components of basic and diluted earnings per share:
Three Months Ended March 31,
2022 2021
Net income attributable to Guild $ 207,958  $ 160,604 
Weighted-average shares outstanding, Class A Common Stock 20,724  19,667 
Weighted-average shares outstanding, Class B Common Stock 40,333  40,333 
Weighted-average shares outstanding - basic 61,057  60,000 
Add dilutive effects of non-vested shares of restricted stock - Class A 437  211 
Weighted-average shares outstanding - diluted 61,494  60,211 
Basic earnings per share:
Class A and Class B Common Stock $ 3.41  $ 2.68 
Diluted earnings per share:
Class A and Class B Common Stock $ 3.38  $ 2.67 
No shares were excluded from the calculation of earnings per share as a result of being anti-dilutive.
Capital Stock
The Company has two classes of common stock:  Class A and Class B. Class A common stock is traded on the New York Stock Exchange under the symbol “GHLD.” There is no public market for the Company’s Class B common stock. However, under the terms of the Company’s Articles of Incorporation, the holder of Class B common stock may convert any portion or all of the holder’s shares of Class B common stock into an equal number of shares of Class A common stock at any time.
The holders of the Class A common stock and Class B common stock are entitled to dividends when and if declared by the Company’s Board of Directors out of legally available funds. Any stock dividend must be paid in shares of Class A common stock with respect to Class A common stock and in shares of Class B common stock with respect to Class B common stock.
The voting powers, preferences and relative rights of Class A common stock and Class B common stock are identical in all respects, except that the holders of Class A common stock have one vote per share and the holders of Class B common stock have ten votes per share.
Restricted Stock Units
The Company issues RSUs, which represent the right to receive, upon vesting, one share of the Company’s common stock. The number of potentially dilutive shares related to RSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the vesting period.