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Earnings (Loss) Per Share
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
Earnings (Loss) Per Share
The calculation of income available to common stockholders and earnings per share is based on the underlying premise that all income after payment of dividends on preferred shares is available to and will be distributed to common stockholders. However, as a result of our conservatorship status and the terms of the senior preferred stock, no amounts are available to distribute as dividends to common or preferred stockholders (other than to Treasury as holder of the senior preferred stock).
The following table displays the computation of basic and diluted earnings (loss) per share of common stock.
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
2015
 
 
2014
 
2015
 
 
2014
 
 
(Dollars and shares in millions, except per share amounts)
 
Net income
$
1,960

 
 
$
3,905

 
$
8,488

 
 
$
12,897

 
Less: Net income attributable to noncontrolling interest
—

 
 
—

 
—

 
 
(1
)
 
Net income attributable to Fannie Mae
1,960

 
 
3,905

 
8,488

 
 
12,896

 
Dividends distributed or available for distribution to senior preferred stockholder(1)
(2,202
)
 
 
(3,999
)
 
(8,357
)
 
 
(13,403
)
 
Net income (loss) attributable to common stockholders
$
(242
)
 
 
$
(94
)
 
$
131

 
 
$
(507
)
 
Weighted-average common shares outstanding—Basic(2)
5,762

 
 
5,762

 
5,762

 
 
5,762

 
Convertible preferred stock
—

 
 
—

 
131

 
 
—

 
Weighted-average common shares outstanding—Diluted(2)
5,762

 
 
5,762

 
5,893

 
 
5,762

 
Earnings (loss) per share:
 
 
 
 
 
 
 
 
 
 
Basic
$
(0.04
)
 
 
$
(0.02
)
 
$
0.02

 
 
$
(0.09
)
 
Diluted
(0.04
)
 
 
(0.02
)
 
0.02

 
 
(0.09
)
 
__________
(1) 
Dividends distributed or available for distribution for the three months ended September 30, 2015 and 2014 (relating to the dividend periods for the three months ended December 31, 2015 and 2014) were calculated based on our net worth as of September 30, 2015 and 2014, respectively, less the applicable capital reserve. For the nine months ended September 30, 2015, we add dividends paid related to the dividend periods for the three months ended September 30, 2015 and June 30, 2015. For the nine months ended September 30, 2014, we add dividends paid related to the dividend periods for the three months ended September 30, 2014 and June 30, 2014.
(2) 
Includes 4.6 billion of weighted average shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through September 30, 2015 and 2014.