Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of 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,
	2023		2022
Basic Earnings
Income attributable to STWD common stockholders	$	51,974	$	324,599
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,811)		(8,869)
Basic earnings	$	50,163	$	315,730

Diluted Earnings
Income attributable to STWD common stockholders	$	51,974	$	324,599
Less: Income attributable to participating shares not already deducted as non-controlling interests	(1,811)		(8,869)
Add: Interest expense on Convertible Notes	—		2,904
Add: Undistributed earnings to participating shares	—		7,342
Less: Undistributed earnings reallocated to participating shares	—		(7,109)
Diluted earnings	$	50,163	$	318,867

Number of Shares:
Basic — Average shares outstanding	308,408		302,944
Effect of dilutive securities — Convertible Notes	—		9,649
Effect of dilutive securities — Contingently issuable shares	357		605
Effect of dilutive securities — Unvested non-participating shares	231		131
Diluted — Average shares outstanding	308,996		313,329

Earnings Per Share Attributable to STWD Common Stockholders:
Basic	$	0.16	$	1.04
Diluted	$	0.16	$	1.02