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

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

 

2019

    

2018

    

2017

 

 

 

(in thousands, except per share data)

 

Basic earnings per share of common stock:

 

 

 

    

 

 

    

 

 

 

Net income attributable to common stockholders

 

$

392,965

    

$

87,694

    

$

100,757

 

Weighted average shares of common stock outstanding

 

 

78,206

 

 

33,524

 

 

23,199

 

Basic earnings per share of common stock

 

$

5.02

 

$

2.62

 

$

4.34

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share of common stock:

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

 

$

392,965

 

$

87,694

 

$

100,757

 

Net income attributable to dilutive stock-based compensation units

 

 

 —

 

 

3,868

 

 

 —

 

Net income attributable to common stockholders for diluted earnings per share

 

$

392,965

 

$

91,562

 

$

100,757

 

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

 

 

78,206

 

 

33,524

 

 

23,199

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

 

Common shares issuable under stock-based compensation plan

 

 

2,134

 

 

1,798

 

 

1,800

 

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

 

 

80,340

 

 

35,322

 

 

24,999

 

Diluted earnings per share of common stock

 

$

4.89

 

$

2.59

 

$

4.03

 

 

Schedule of anti-dilutive shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

2019

   

2018

   

2017

 

 

(in thousands except for weighted-average exercise price)

Performance-based RSUs (1)

 

 

1,032

 

 

1,084

 

 

497

Time-based RSUs

 

 

 —

 

 

 3

 

 

 —

Stock options (2)

 

 

572

 

 

740

 

 

1,323

Exchangeable PNMAC Class A units (3)

 

 

 —

 

 

43,700

 

 

53,299

Total anti-dilutive shares and units

 

 

1,604

 

 

45,527

 

 

55,119

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

 

$

23.70

 

$

17.81

 

$
16.40

(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.

 

(2)

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 during the year.

 

Exchangeable PNMAC units were anti-dilutive during 2017 primarily due to the effect of adoption of the Tax Act on earnings attributable to PNMAC unitholders.