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Earnings Per Share of Common Stock (Tables)
 3 Months Ended
Mar. 31, 2019
Earnings Per Share of Common Stock  
Summary of basic and diluted earnings per share calculations

 

 

 

 

 

 

 

 

 

Quarter ended March 31, 

 

    

2019

    

2018

 

 

(in thousands, except per share amounts)

Basic earnings per share of common stock:

 

 

 

    

 

 

Net income attributable to common stockholders

 

$

46,135

    

$

16,619

Weighted average shares of common stock outstanding

 

 

77,653

 

 

23,832

Basic earnings per share of common stock

 

$

0.59

 

$

0.70

 

 

 

 

 

 

 

Diluted earnings per share of common stock:

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

46,135

 

$

16,619

Net income attributable to dilutive stock-based compensation units

 

 

 —

 

 

1,400

Net income attributable to PennyMac Class A units exchangeable to Class A common stock, net of income taxes

 

 

 —

 

 

35,449

Net income attributable to common stockholders for diluted earnings per share

 

$

46,135

 

$

53,468

Weighted average shares of common stock outstanding applicable to basic earnings per share

 

 

77,653

 

 

23,832

Effect of dilutive shares:

 

 

 

 

 

 

Common shares issuable under stock-based compensation plan

 

 

1,633

 

 

2,947

PennyMac Class A units exchangeable to Class A common stock

 

 

 —

 

 

52,682

Weighted average shares of common stock applicable to diluted earnings per share

 

 

79,286

 

 

79,461

Diluted earnings per share of common stock

 

$

0.58

 

$

0.67

 

Schedule of anti-dilutive shares outstanding

 

 

 

 

 

 

 

 

 

 

Quarter ended March 31, 

 

    

2019

    

2018

 

 

(in thousands except for weighted-average exercise price)

Performance-based RSUs (1)

 

 

1,279

 

 

134

Time-based RSUs

 

 

61

 

 

 —

Stock options (2)

 

 

706

 

 

172

Total anti-dilutive stock-based compensation

 

 

2,046

 

 

306

Weighted average exercise price of anti-dilutive stock options (2)

 

$

24.26

 

$

24.40

(1)

Certain performance-based RSUs were outstanding but not included in the computation of earnings per share because the performance thresholds included in such RSUs have not been achieved.

 

Certain stock options were outstanding but not included in the computation of diluted earnings per share because the weighted-average exercise prices were above the average stock prices for the quarter.