Company: TIPT
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001393726-25-000055
Chunk: 138

Company: TIPTREE INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part II, Item 8
Chunk 138
---
 AND SUBSIDIARIESNotes to Condensed Consolidated Financial StatementsMarch 31, 2025(in thousands, except share data)

(20) 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:Three Months EndedMarch 31, 20252024Net income (loss)$12,968 $15,881 Less:Net income (loss) attributable to non-controlling interests7,333 6,831 Net income allocated to participating securities55 73 Net income (loss) attributable to Tiptree Inc. common shares - basic5,580 8,977 Effect of Dilutive Securities:Securities of subsidiaries(623)(618)Net income (loss) attributable to Tiptree Inc. common shares - diluted$4,957 $8,359 Weighted average number of shares of common stock outstanding - basic37,348,219 36,769,810 Weighted average number of incremental shares of common stock issuable from exchangeable interests and contingent considerations1,099,299 1,009,602 Weighted average number of shares of common stock outstanding - diluted38,447,518 37,779,412 Basic net income (loss) attributable to common shares$0.15 $0.24 Diluted net income (loss) attributable to common shares$0.13 $0.22 

(21) Related Party Transactions

Tiptree Advisors is a related party of the Company because Tiptree Advisors is deemed to be controlled by Michael Barnes, the Company’s Executive Chairman. Tiptree Advisors manages investment portfolio accounts of Fortegra and certain of its subsidiaries under an investment advisory