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Earnings per Share
 12 Months Ended
Dec. 31, 2017
Earnings per Share  
Earnings per share

5. Earnings per Share

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year ended December 31

 

(in thousands)

 

 

2017

    

2016

    

2015

 

Income before income taxes and noncontrolling interest

 

 

$

113,164

 

$

179,591

 

$

215,929

 

Provision for income taxes

 

 

 

94,266

 

 

21,251

 

 

18,439

 

Net income

 

 

 

18,898

 

 

158,340

 

 

197,490

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income allocable to members of Virtu Financial (for the period January 1, 2015 through April 15, 2015)

 

 

 

 —

 

 

 —

 

 

(83,147)

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest

 

 

 

(15,959)

 

 

(125,360)

 

 

(93,456)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available for common stockholders

 

 

$

2,939

 

$

32,980

 

$

20,887

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Year Ended December 31,

 

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

    

 

2017

 

2016

 

2015

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Net income available for common stockholders

 

 

$

2,939

 

$

32,980

 

$

20,887

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Dividends and undistributed earnings allocated to participating securities

 

 

 

(1,326)

 

 

(809)

 

 

 —

 

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

 

 

 

1,613

 

 

32,171

 

 

20,887

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

62,579,147

 

 

38,539,091

 

 

34,964,312

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings per share

 

 

$

0.03

 

$

0.83

 

$

0.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 For the Year Ended December 31,

 

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

    

 

2017

 

2016

 

2015

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

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

 

 

$

1,613

 

$

32,171

 

$

20,887

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

 

 

 

Issued and outstanding

 

 

 

62,579,147

 

 

38,539,091

 

 

34,964,312

 

Issuable pursuant to 2015 Management Incentive Plan(1)

 

 

 

 —

 

 

 —

 

 

375,273

 

 

 

 

 

62,579,147

 

 

38,539,091

 

 

35,339,585

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings per share

 

 

$

0.03

 

$

0.83

 

$

0.59

 

 

 

 

 

(1)

The dilutive impact of unexercised stock options excludes from the computation of EPS 1,740,630,  743,096 and 0 options for the years ended December 31, 2017, 2016 and 2015, respectively, because inclusion of the options would have been anti-dilutive.