14. EARNINGS PER SHARE

The Company’s net income and weighted average shares outstanding for the three and nine months ended September 30, 2015 and the period February 11, 2014 through September 30, 2014 consist of the following:



($ in thousands except share amounts)	For the Three Months Ended September 30, 2015		For the Three Months Ended September 30, 2014		For the Nine Months Ended September 30, 2015		For the Period February 11, 2014 through September 30, 2014

Basic Net income available for Class A common shareholders	$	3,313	$	14,656	$	46,698	$	39,813
Diluted Net income available for Class A common shareholders	$	3,313	$	27,433	$	46,698	$	72,699
Weighted average shares outstanding
Basic	52,922,487		49,394,399		51,091,977		49,101,904
Diluted	53,348,858		97,918,235		51,388,851		97,750,385

Net income per share information is not applicable for reporting periods prior to February 11, 2014. The calculation of basic and diluted net income per share amounts for the three and nine months ended September 30, 2015, the three months ended September 30, 2014 and the period February 11, 2014 through September 30, 2014 are described and presented below.

Basic Net Income per Share

Denominator: utilizes the weighted average shares of Class A common stock for the three and nine months ended September 30, 2015, the three months ended September 30, 2014 and the period February 11, 2014 through September 30, 2014, respectively.

Diluted Net Income per Share

Numerator: utilizes net income available for Class A common shareholders for the three and nine months ended September 30, 2015, the three months ended September 30, 2014 and the period February 11, 2014 through September 30, 2014, respectively, for the basic net income per share calculation described above, adding net income amounts attributable to the noncontrolling interest in the Operating Partnership using the as-if converted method for the Class B common shareholders while adjusting for additional corporate income tax expense for the described net income add-back.

Denominator: utilizes the weighted average number of shares of Class A common stock for the three and nine months ended September 30, 2015, the three months ended September 30, 2014 and the period February 11, 2014 through September 30, 2014, respectively, for the basic net income per share calculation described above adding the dilutive effect of shares issuable relating to Operating Partnership exchangeable interests and the incremental shares of unvested Class A restricted stock using the treasury method.



(In thousands except share amounts)	For the Three Months Ended September 30, 2015		For the Three Months Ended September 30, 2014			For the Nine Months Ended September 30, 2015		For the Period February 11, 2014 through September 30, 2014

Basic Net Income Per Share of Class A Common Stock
Numerator:
Net income attributable to Class A common shareholders	$	3,313	$	14,656		$	46,698	$	39,813
Denominator:
Weighted average number of shares of Class A common stock outstanding	52,922,487		49,394,399			51,091,977		49,101,904
Basic net income per share of Class A common stock	$	0.06	$	0.30		$	0.91	$	0.81

Diluted Net Income Per Share of Class A Common Stock
Numerator:
Net income attributable to Class A common shareholders	$	3,313	$	14,656		$	46,698	$	39,813
Add (deduct) - dilutive effect of:
Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)	—		22,827			—		59,086
Additional corporate tax (expense) benefit	—		(10,050		)	—		(26,200		)
Diluted net income attributable to Class A common shareholders	$	3,313	$	27,433		$	46,698	$	72,699
Denominator:
Basic weighted average number of shares of Class A common stock outstanding	52,922,487		49,394,399			51,091,977		49,101,904
Add - dilutive effect of:
Shares issuable relating to converted Class B common shareholders	—		48,046,807			—		48,341,572
Incremental shares of unvested Class A restricted stock	426,371		477,029			296,874		306,909
Diluted weighted average number of shares of Class A common stock outstanding	53,348,858		97,918,235			51,388,851		97,750,385
Diluted net income per share of Class A common stock	$	0.06	$	0.28		$	0.91	$	0.74

The shares of Class B common stock do not share in the earnings of Ladder Capital Corp and are, therefore, not participating securities. Accordingly, basic and diluted net income per share of Class B common stock has not been presented, although the assumed conversion of Class B common stock has been included in the presented diluted net income per share of Class A common stock.