13. EARNINGS PER SHARE

The Company’s net income (loss) and weighted average shares outstanding for the three and nine months ended September 30, 2016 and 2015 consist of the following:



($ in thousands except share amounts)	For the Three Months Ended September 30, 2016		For the Three Months Ended September 30, 2015		For the Nine Months Ended September 30, 2016		For the Nine Months Ended September 30, 2015

Basic Net income (loss) available for Class A common shareholders	$	27,608	$	3,313	$	24,871	$	46,698
Diluted Net income (loss) available for Class A common shareholders	$	27,608	$	3,313	$	24,871	$	46,698
Weighted average shares outstanding
Basic	62,148,362		52,922,487		60,976,046		51,091,977
Diluted	63,347,690		53,348,858		61,875,010		51,388,851

The calculation of basic and diluted net income (loss) per share amounts for the three and nine months ended September 30, 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 and nine months ended September 30, 2016 and 2015, respectively.

Denominator: utilizes the weighted average shares of Class A common stock for the three and nine months ended September 30, 2016 and 2015, respectively.

Diluted Net Income (Loss) per Share

Numerator: utilizes net income (loss) available for Class A common shareholders for the three and nine months ended September 30, 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 and nine months ended September 30, 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 September 30, 2016		For the Three Months Ended September 30, 2015		For the Nine Months Ended September 30, 2016		For the Nine Months Ended September 30, 2015

Basic Net Income (Loss) Per Share of Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$	27,608	$	3,313	$	24,871	$	46,698
Denominator:
Weighted average number of shares of Class A common stock outstanding	62,148,362		52,922,487		60,976,046		51,091,977
Basic net income (loss) per share of Class A common stock	$	0.44	$	0.06	$	0.41	$	0.91

Diluted Net Income (Loss) Per Share of Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$	27,608	$	3,313	$	24,871	$	46,698
Diluted net income (loss) attributable to Class A common shareholders	$	27,608	$	3,313	$	24,871	$	46,698
Denominator:
Basic weighted average number of shares of Class A common stock outstanding	62,148,362		52,922,487		60,976,046		51,091,977
Add - dilutive effect of:
Incremental shares of unvested Class A restricted stock	1,199,328		426,371		898,964		296,874
Diluted weighted average number of shares of Class A common stock outstanding	63,347,690		53,348,858		61,875,010		51,388,851
Diluted net income (loss) per share of Class A common stock	$	0.44	$	0.06	$	0.40	$	0.91

For the three and nine months ended September 30, 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 such periods, 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.