Basic earnings per share is computed by dividing net income attributable to Smith Douglas Homes Corp. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share is computed by adjusting the net income available to Smith Douglas Homes Corp. and the weighted average shares outstanding to give effect to potentially dilutive securities. Shares of Class B common stock are not entitled to receive any distributions or dividends and are therefore excluded from this presentation since they are not participating securities.

All earnings prior to January 11, 2024, the date of the IPO, were entirely allocable to the non-controlling interests and, as a result, earnings per share information is not applicable for reporting periods prior to this date. Consequently, only earnings per share for net income for periods subsequent to January 10, 2024 are presented.


	Three months ended June 30,				Six months ended June 30, 2025		Period from January 11, 2024 to June 30, 2024
	2025		2024
Numerator:
Net income attributable to Smith Douglas Homes Corp., Basic	$	2,365	$	3,646	$	5,048	$	6,618
Add: Net income impact from assumed redemption of all LLC Interests to common stock	—		21,088		—		39,762
Less: Income tax expense on net income attributable to NCI	—		(4,384)		—		(8,267)
Add: Dilutive impact of unvested RSUs	—		—		6		—
Net income attributable to Smith Douglas Homes Corp., after adjustment for assumed redemption, Diluted	$	2,365	$	20,350	$	5,054	$	38,113

Denominator:
Weighted average shares of common stock outstanding, Basic	8,998,470		8,846,154		8,983,328		8,846,154
Dilutive effects of:
LLC Interests that are exchangeable for common stock	—		42,435,897		0		42,435,897
Unvested RSUs	0		149,923		177,594		132,458
Weighted average shares of common stock outstanding, Diluted	8,998,470		51,431,974		9,160,922		51,414,509

Basic earnings per share	$	0.26	$	0.41	$	0.56	$	0.75
Diluted earnings per share	$	0.26	$	0.40	$	0.55	$	0.74

For the period from January 11, 2024 to June 30, 2024, net income attributable to the non-controlling interests added back to net income in the fully dilutive computation has been adjusted for income taxes which would have been expensed had the income been recognized by Smith Douglas Homes Corp., a taxable entity. The weighted average common shares outstanding in the diluted computation per share assumes all outstanding LLC Interests are redeemed and the Company elects to issue Class A shares of common stock upon redemption rather than cash-settle. The dilutive impact of LLC Interests assumed to be redeemed in exchange for the issuance of Class A common stock was included in the computation of diluted earnings per share under the if-converted method.

For the three and six months ended June 30, 2025, the dilutive impact of 42,435,897 LLC Interests that are exchangeable for Class A common stock is not included in the calculation of diluted earnings per share as the effect would be anti-dilutive.

The dilutive impact of unvested RSUs in the fully dilutive computation has been adjusted for income taxes which would have been expensed had the income been recognized by Smith Douglas Homes Corp., a taxable entity. The dilutive impact of unvested RSUs was included using the treasury stock method.