Earnings Per Share

12 Months Ended

Dec. 31, 2016

Basic earnings or loss per common share (“EPS”) has been calculated by dividing net income or loss 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 8.4 million, 16.5 million and 28.3 million for the years ended December 31, 2016, 2015 and 2014, 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 KCG Class A Common Stock.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the years ended December 31, 2016, 2015 and 2014 (in thousands, except per share amounts):



	For the years ended December 31,
	2016				2015				2014
	Numerator / net income		Denominator / shares		Numerator / net income		Denominator / shares		Numerator / net income		Denominator / shares
Income and shares used in basic calculations	$	255,697	84,405		$	249,104	100,437		61,102		112,854
Effect of dilutive stock based awards
Restricted awards			876				1,955				3,579
Stock options and SARs			490				316				101
Warrants			389				214				—
Income and shares used in diluted calculations	$	255,697	86,160		$	249,104	102,922		$	61,102	116,534
Income attributable to common stockholders	$	255,697			$	249,104			$	61,102
Basic earnings per common share			$	3.03			$	2.48			$	0.54
Diluted earnings per common share			$	2.97			$	2.42			$	0.52