Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2022

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 Three Months Ended March 31,
	2022		2021
Basic Earnings
Income attributable to STWD common stockholders	$	324,599	$	111,378
Less: Income attributable to participating shares not already deducted as non-controlling interests	(8,869)		(1,925)
Basic earnings	$	315,730	$	109,453

Diluted Earnings
Income attributable to STWD common stockholders	$	324,599	$	111,378
Less: Income attributable to participating shares not already deducted as non-controlling interests	(8,869)		(1,925)
Add: Interest expense on Convertible Notes	2,904		2,916
Add: Undistributed earnings to participating shares	7,342		—
Less: Undistributed earnings reallocated to participating shares	(7,109)		—
Diluted earnings	$	318,867	$	112,369

Number of Shares:
Basic — Average shares outstanding	302,944		283,319
Effect of dilutive securities — Convertible Notes	9,649		9,649
Effect of dilutive securities — Contingently issuable shares	605		263
Effect of dilutive securities — Unvested non-participating shares	131		—
Diluted — Average shares outstanding	313,329		293,231

Earnings Per Share Attributable to STWD Common Stockholders:
Basic	$	1.04	$	0.39
Diluted	$	1.02	$	0.38