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Earnings per Share
 6 Months Ended
Jun. 30, 2017
Earnings per Share  
Earnings per share

3. Earnings per Share

Net income available for common stockholders is based on the Company’s approximate 30.2% interest in Virtu Financial.

The below table contains a reconciliation of net income before noncontrolling interest to net income available for common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Three Months Ended

 

 For the Three Months Ended

 

 For the Six Months Ended

 

 For the Six Months Ended

 

(in thousands)

    

June 30, 2017

    

June 30, 2016

 

June 30, 2017

    

June 30, 2016

 

Income before income taxes and noncontrolling interest

 

$

5,192

 

$

44,414

 

$

29,074

 

$

103,116

 

Provision for income taxes

 

 

779

 

 

5,128

 

 

3,587

 

 

12,474

 

Net income

 

 

4,413

 

 

39,286

 

 

25,487

 

 

90,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest

 

 

(3,512)

 

 

(30,908)

 

 

(20,006)

 

 

(71,916)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available for common stockholders

 

$

901

 

$

8,378

 

$

5,481

 

$

18,726

 

 

The calculation of basic and diluted earnings per share is presented below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended  June 30,

 

 

Six Months Ended  June 30,

 

 

(in thousands, except for share or per share data)

    

2017

    

2016

 

    

2017

    

2016

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available for common stockholders

 

$

901

 

$

8,378

 

 

$

5,481

 

$

18,726

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Dividends and undistributed earnings allocated to participating securities

 

 

(330)

 

 

(200)

 

 

 

(683)

 

 

(421)

 

 

Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities

 

$

571

 

 

8,178

 

 

$

4,798

 

 

18,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

40,814,214

 

 

38,230,684

 

 

 

40,607,791

 

 

38,220,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings per share

 

$

0.01

 

$

0.21

 

 

$

0.11

 

$

0.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended  June 30,

 

 

Six Months Ended  June 30,

 

 

(in thousands, except for share or per share data)

    

2017

    

2016

 

    

2017

    

2016

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities

 

$

571

 

$

8,178

 

 

$

4,798

 

$

18,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued and outstanding

 

 

40,814,214

 

 

38,230,684

 

 

 

40,607,791

 

 

38,220,390

 

 

Issuable pursuant to 2015 Management Incentive Plan(1)

 

 

 —

 

 

 —

 

 

 

 —

 

 

 —

 

 

 

 

 

40,814,214

 

 

38,230,684

 

 

 

40,607,791

 

 

38,220,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings per share

 

$

0.01

 

$

0.21

 

 

$

0.11

 

$

0.48

 

 

(1)

The dilutive impact of unexercised stock options excludes from the computation of EPS 1,047,193 and 476,249 options for the three months ended June 30, 2017 and 2016, respectively, and 912,157 and 73,259 options for the six months ended June 30, 2017 and 2016, respectively, because inclusion of the options would have been anti-dilutive.