Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2024

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,
	2024		2023
Basic Earnings
Income attributable to STWD common stockholders	$	154,332	$	51,974
Less: Income attributable to participating shares not already deducted as non-controlling interests	(2,576)		(1,811)
Basic earnings	$	151,756	$	50,163

Diluted Earnings
Income attributable to STWD common stockholders	$	154,332	$	51,974
Less: Income attributable to participating shares not already deducted as non-controlling interests	(2,576)		(1,811)
Add: Interest expense on Convertible Notes	7,005		*
Add: Undistributed earnings to participating shares	68		—
Less: Undistributed earnings reallocated to participating shares	(65)		—
Diluted earnings	$	158,764	$	50,163

Number of Shares:
Basic — Average shares outstanding	311,827		308,408
Effect of dilutive securities — Convertible Notes	18,344		*
Effect of dilutive securities — Contingently issuable shares	469		357
Effect of dilutive securities — Unvested non-participating shares	200		231
Diluted — Average shares outstanding	330,840		308,996

Earnings Per Share Attributable to STWD Common Stockholders:
Basic	$	0.49	$	0.16
Diluted	$	0.48	$	0.16

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* Our Convertible Notes were not dilutive for the three months ended March 31, 2023.