Earnings Per Share

12 Months Ended

Dec. 31, 2015

Basic earnings or loss per common share (“EPS”) has been calculated by dividing net income from continuing operations by the weighted average shares of the Company's 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 to purchase shares of the Company's Class A Common Stock were exercised and restricted awards were to vest.

The number of such RSUs, options, Warrants and SARs excluded from the EPS calculation was approximately 16.5 million, 28.3 million and 29.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. Such RSUs, 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 the Company's 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 years ended December 31, 2015, 2014 and 2013 (in thousands, except per share amounts):



	For the years ended December 31,
	2015				2014				2013
	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	$	249,104	100,437		$	62,434	112,854		126,092			80,143
Effect of dilutive stock based awards
Restricted awards			1,955				3,579					855
Stock options and SARs			316				101					17
Warrants			214				—					—
Income from continuing operations and shares used in diluted calculations	$	249,104	102,922		$	62,434	116,534		$	126,092		81,015
Loss from continuing operations allocated to preferred and participating units	$	—			$	—			$	(21,565	)
Income from continuing operations attributable to common stockholders	$	249,104			$	62,434			$	147,657
Basic earnings per common share from continuing operations			$	2.48			$	0.55				$	1.84
Diluted earnings per common share from continuing operations			$	2.42			$	0.54				$	1.82

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.