Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2021

Reconciliation of Net Income and Number of Shares Used in Computation of Earnings Per Share

The following table provides a reconciliation of net income and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts):


	For the Year Ended December 31,
		2021		2020		2019
Basic Earnings
Income attributable to STWD common stockholders		$	447,739	$	331,689	$	509,664
Less: Income attributable to participating shares not already deducted as non-controlling interests		(6,808)		(5,216)		(3,873)
Basic earnings		$	440,931	$	326,473	$	505,791

Diluted Earnings
Income attributable to STWD common stockholders		$	447,739	$	331,689	$	509,664
Less: Income attributable to participating shares not already deducted as non-controlling interests		(6,808)		(5,216)		(3,873)
Add: Interest expense on Convertible Notes		11,619		*		12,354


Diluted earnings		$	452,550	$	326,473	$	518,145

Number of Shares:
Basic — Average shares outstanding		285,942		281,978		279,337
Effect of dilutive securities — Convertible Notes		9,649		*		9,805
Effect of dilutive securities — Contingently issuable shares		1,037		383		360
Effect of dilutive securities — Unvested non-participating shares		198		122		210
Diluted — Average shares outstanding		296,826		282,483		289,712

Earnings Per Share Attributable to STWD Common Stockholders:
Basic		$	1.54	$	1.16	$	1.81
Diluted		$	1.52	$	1.16	$	1.79

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*Our Convertible Notes were not dilutive for the year ended December 31, 2020.