(11) Earnings per Share

The Company calculates its basic and diluted earnings per share using the two-class method for all periods presented, as the unvested restricted shares of its common stock granted to certain employees and affiliates of the Manager, qualify as participating securities. These restricted shares have the same rights as the Company’s other shares of common stock and Class A common stock, including participating in any dividends, and therefore have been included in the Company’s basic and diluted earnings per share calculation. For the three and nine months ended September 30, 2018, $0.0 million and $0.1 million, respectively of common stock dividends declared and undistributed net income attributable to common stockholders were allocated to unvested shares of our common stock pursuant to stock grants made under the Company’s Incentive Plan (see Note 13 for details). For the three and nine months ended September 30, 2017, there were no common stock dividends declared or undistributed net income attributable to common stockholders were allocated to unvested shares of our common stock.

At September 30, 2018, all share and per share data reflect the impact of the common stock and Class A common stock dividend which was paid upon completion of the Company’s initial public offering on July 25, 2017 to holders of record as of July 3, 2017. The following table sets forth the calculation of basic and diluted earnings per common share (common stock and Class A common stock) based on the weighted-average number of shares of common stock and Class A common stock outstanding (in thousands, except share and per share data):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2018			2017		2018			2017
Net Income Attributable to TPG RE Finance Trust, Inc.	$	26,824		$	20,787	$	78,373		$	69,582
Participating Securities' Share in Earnings		(27	)		—		(96	)		—
Net Income Attributable to Common Stockholders	$	26,797		$	20,787	$	78,277		$	69,582
Weighted Average Common Shares Outstanding, Basic and Diluted		64,295,973			58,685,979		61,635,988			51,969,733
Per Common Share Amount, Basic and Diluted	$	0.42		$	0.35	$	1.27		$	1.34