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Earnings per Share
 9 Months Ended
Sep. 30, 2017
Earnings per Share  
Earnings per share

4. Earnings per Share

Net income (loss) available for common stockholders is based on the Company’s weighted average interest in Virtu Financial during the periods presented below.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended  September 30,

 

Nine Months Ended  September 30,

 

(in thousands)

    

2017

    

2016

 

2017

    

2016

 

Income (loss) before income taxes and noncontrolling interest

 

$

(46,495)

 

$

37,874

 

$

(17,421)

 

$

140,990

 

Provision for (benefit from) income taxes

 

 

(6,505)

 

 

4,851

 

 

(2,918)

 

 

17,325

 

Net income (loss)

 

 

(39,990)

 

 

33,023

 

 

(14,503)

 

 

123,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest

 

 

26,472

 

 

(25,997)

 

 

6,466

 

 

(97,913)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available for common stockholders

 

$

(13,518)

 

$

7,026

 

$

(8,037)

 

$

25,752

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended  September 30,

 

 

Nine Months Ended  September 30,

 

 

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

    

2017

    

2016

 

    

2017

    

2016

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available for common stockholders

 

$

(13,518)

 

$

7,026

 

 

$

(8,037)

 

$

25,752

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Dividends and undistributed earnings allocated to participating securities

 

 

(314)

 

 

(191)

 

 

 

(997)

 

 

(612)

 

 

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

 

$

(13,832)

 

 

6,835

 

 

$

(9,034)

 

 

25,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

79,199,142

 

 

38,351,465

 

 

 

53,520,346

 

 

38,264,139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings per share

 

$

(0.17)

 

$

0.18

 

 

$

(0.17)

 

$

0.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended  September 30,

 

 

Nine Months Ended  September 30,

 

 

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

    

2017

    

2016

 

    

2017

    

2016

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(13,832)

 

$

6,835

 

 

$

(9,034)

 

$

25,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued and outstanding

 

 

79,199,142

 

 

38,351,465

 

 

 

53,520,346

 

 

38,264,139

 

 

Issuable pursuant to 2015 Management Incentive Plan(1)

 

 

 —

 

 

 —

 

 

 

 —

 

 

 —

 

 

 

 

 

79,199,142

 

 

38,351,465

 

 

 

53,520,346

 

 

38,264,139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings per share

 

$

(0.17)

 

$

0.18

 

 

$

(0.17)

 

$

0.66

 

 

(1)

The dilutive impact of unexercised stock options excludes from the computation of EPS 1,578,617 and 1,151,260 options for the three months ended September 30, 2017 and 2016, respectively, and 1,704,307 and 383,294 options for the nine months ended September 30, 2017 and 2016, respectively, because inclusion of the options would have been anti-dilutive.