Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

9.	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					Six Months Ended
	June 30, 2013			June 30, 2012		June 30, 2013			June 30, 2012
Numerator:
Net (loss)/income attributable to ZAIS Financial        Corp. common stockholders	$	(6,780,401	)	$	3,323,858	$	(5,121,179	)	$	9,553,594
Effect of dilutive securities:
Loss allocated to Operating Partnership non-               controlling interests		(788,476	)		-		(489,382	)		-
Dilutive net (loss) / income available to         stockholders	$	(7,568,877	)	$	3,323,858	$	(5,610,561	)	$	9,553,594
Denominator:
Weighted average number of shares of common        stock		7,970,886			3,022,617		6,564,284			3,022,617
Effect of dilutive securities:
Weighted average OP units		926,914			-		926,914			-
Weighted average dilutive shares		8,897,800			3,022,617		7,491,198			3,022,617
Net (loss) / income per share applicable to ZAIS         Financial Corp. common stockholders -         Basic/Diluted	$	(.85	)	$	1.10	$	(.78	)	$	3.16