Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Reconciliation of Earnings and Shares Used in Calculating Basic and Diluted Earnings Per Share

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share:

	Three Months Ended
	2013		2012
Numerator:
Net income applicable to ZAIS Financial Corp. common stockholders	$	1,659,222	$	6,229,736
Effect of dilutive securities:
Income allocated to Operating Partnership non-controlling interests		299,094		-
Dilutive net income available to stockholders	$	1,958,316	$	6,229,736
Denominator:
Weighted average number of shares of common stock		5,142,053		3,022,617
Effect of dilutive securities:
Weighted average OP units		926,914		-
Weighted average dilutive shares		6,068,967		3,022,617
Net income per share applicable to ZAIS Financial Corp.
common stockholders - Basic/Diluted	$	.32	$	2.06