Earnings Per Share

6 Months Ended

Jun. 30, 2025

The following weighted-average shares and share equivalents were used to calculate basic and diluted earnings per share (“EPS”) for the three and six months ended June 30, 2025 and 2024 (in thousands, except share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator
Net income attributable to Dream Finders Homes, Inc.	$	56,580	$	80,943	$	111,483	$	135,437
Less: Preferred dividends, net	3,375		3,375		6,750		6,750
Net income available to common stockholders(1)	$	53,205	$	77,568	$	104,733	$	128,687
Denominator
Weighted-average number of common shares outstanding - basic	93,444,326		93,722,953		93,495,455		93,524,396
Add: Common stock equivalent shares(2)	8,469,562		6,402,728		8,139,730		6,506,207
Weighted-average number of shares outstanding - diluted	101,913,888		100,125,681		101,635,185		100,030,603

(1)For the diluted earnings per share calculation, amounts of preferred dividends associated with redeemable preferred stock that are assumed to be converted are added back to the numerator. Amounts of preferred dividends added back included $3.4 million for the three months ended June 30, 2025, and 2024, and $6.8 million for the six months ended June 30, 2025, and 2024, respectively.

(2)Since the conversion price of the Company’s redeemable preferred stock is based on an average of the closing price of Class A common stock for the 90 trading days immediately preceding the end of the current period, changes in the price of the Class A common stock may significantly affect the number of additional assumed common shares outstanding under the if-converted method for diluted EPS, while the number of redeemable preferred stock shares outstanding is unchanged. Stock-based compensation awards are excluded from the calculation of diluted EPS in the event they are antidilutive. There were 1.3 million and 0.9 million of common stock equivalent shares considered antidilutive that were excluded from the diluted earnings per share calculation for the three and six months ended June 30, 2025, respectively. For the three and six months ended June 30, 2024, there were 0.8 million common stock equivalent shares and 0.4 million of common stock equivalent shares excluded from the diluted earnings per share calculation, respectively.