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Earnings Per Share
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
Basic earnings or loss per common share (“EPS”) has been calculated by dividing net income from continuing operations by the weighted average shares of KCG Class A Common Stock outstanding during each respective period. Diluted EPS reflects the potential reduction in EPS using the treasury stock method to reflect the impact of common stock equivalents if stock options, SARs and warrants were exercised and restricted awards were to vest.
The number of such RSUs, options, warrants and SARs excluded from the EPS calculation was approximately 28.3 million and 29.1 million for the years ended December 31, 2014 and 2013, respectively. Such options, warrants and SARS were excluded from the EPS calculation as their inclusion would have an anti-dilutive impact on the EPS calculation. The computation of diluted shares can vary among periods due in part to the change in the average price of KCG Class A Common Stock.
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations from continuing operations for the year ended December 31, 2014, 2013 and 2012 (in thousands):
 
For the year ended December 31,
 
2014
 
2013
 
2012
 
Numerator  /
net income
 
Denominator /    
shares
 
Numerator  /
net income
 
Denominator / 
shares
 
Numerator  /
net income
 
Denominator / 
shares
Income from continuing operations and shares used in basic calculations
$
62,434

 
112,854

 
$
126,092

 
80,143

 
16,151

 
48,970

Effect of dilutive stock based awards
 
 
 
 
 
 
 
 
 
 
 
Restricted awards
 
 
3,579

 
 
 
855

 
 
 
—

Stock options and SARs
 
 
101

 
 
 
17

 
 
 
—

Income from continuing operations and shares used in diluted calculations
$
62,434

 
116,534

 
$
126,092

 
81,015

 
$
16,151

 
48,970

Loss from continuing operations allocated to preferred and participating units
$
—

 
 
 
$
(21,565
)
 
 
 
$
1,092

 
 
Income from continuing operations attributable to common shareholders
$
62,434

 
 
 
$
147,657

 
 
 
$
15,059

 
 
Basic earnings per common share from continuing operations
 
 
$
0.55

 
 
 
$
1.84

 
 
 
$
0.31

Diluted earnings per common share from continuing operations
 
 
$
0.54

 
 
 
$
1.82

 
 
 
$
0.31


Prior to the Mergers, GETCO units comprised preferred and common units, and net income was allocated among the various classes of units based upon participation rights in undistributed earnings. The number of shares used to calculate EPS for 2013 are GETCO units converted into KCG shares using an exchange ratio as detailed in the Merger Agreement.