13. EARNINGS PER SHARE

The Company’s net income (loss) and weighted average shares outstanding for the three months ended March 31, 2016 and 2015 consist of the following:



($ in thousands except share amounts)	For the Three Months Ended March 31, 2016			For the Three Months Ended March 31, 2015

Basic Net income (loss) available for Class A common shareholders	$	(5,539	)	$	9,175
Diluted Net income (loss) available for Class A common shareholders	$	(5,539	)	$	14,231
Weighted average shares outstanding
Basic	59,596,889			49,986,082
Diluted	59,596,889			98,098,672

The calculation of basic and diluted net income (loss) per share amounts for the three months ended March 31, 2016 and 2015 are described and presented below.

Basic Net Income (Loss) per Share

Numerator: utilizes net income (loss) available for Class A common shareholders for the three months ended March 31, 2016 and 2015, respectively.

Denominator: utilizes the weighted average shares of Class A common stock for the three months ended March 31, 2016 and 2015, respectively.

Diluted Net Income (Loss) per Share

Numerator: utilizes net income (loss) available for Class A common shareholders for the three months ended March 31, 2016 and 2015, respectively, for the basic net income (loss) per share calculation described above, adding net income (loss) 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 (benefit) for the described net income (loss) add-back.

Denominator: utilizes the weighted average number of shares of Class A common stock for the three months ended March 31, 2016 and 2015, respectively, for the basic net income (loss) 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 March 31, 2016			For the Three Months Ended March 31, 2015

Basic Net Income (Loss) Per Share of Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$	(5,539	)	$	9,175
Denominator:
Weighted average number of shares of Class A common stock outstanding	59,596,889			49,986,082
Basic net income (loss) per share of Class A common stock	$	(0.09	)	$	0.18

Diluted Net Income (Loss) Per Share of Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$	(5,539	)	$	9,175
Add (deduct) - dilutive effect of:
Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)	—			8,596
Additional corporate tax (expense) benefit	—			(3,540		)
Diluted net income attributable to Class A common shareholders	$	(5,539	)	$	14,231
Denominator:
Basic weighted average number of shares of Class A common stock outstanding	59,596,889			49,986,082
Add - dilutive effect of:
Shares issuable relating to converted Class B common shareholders	—			47,645,531
Incremental shares of unvested Class A restricted stock	—			467,059
Diluted weighted average number of shares of Class A common stock outstanding	59,596,889			98,098,672
Diluted net income (loss) per share of Class A common stock	$	(0.09	)	$	0.15

For the three months ended March 31, 2016, shares issuable relating to converted Class B common shareholders and incremental shares of unvested Class A restricted stock are excluded from the calculation of diluted EPS as the Company incurred a loss during the three months ended March 31, 2016, and therefore, inclusion of such potential common shares in the calculation would be anti-dilutive.

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 (loss) 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 (loss) per share of Class A common stock.