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Earnings Per Share
3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings 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 per share of common stock.
 
For the Three Months Ended March 31,
 
2016
 
2015
 
(Dollars and shares in millions, except per share amounts)
Net income attributable to Fannie Mae
 
$
1,136

 
 
 
$
1,888

 
Dividends distributed or available for distribution to senior preferred stockholder(1)
 
(919
)
 
 
 
(1,796
)
 
Net income attributable to common stockholders
 
$
217

 
 
 
$
92

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

 
 
 
5,762

 
Convertible preferred stock
 
131

 
 
 
131

 
Weighted-average common shares outstanding—Diluted(2)
 
5,893

 
 
 
5,893

 
Earnings per share:
 
 
 
 
 
 
 
Basic
 
$
0.04

 
 
 
$
0.02

 
Diluted
 
0.04

 
 
 
0.02

 
__________
(1) 
Dividends distributed or available for distribution were calculated based on our net worth as of the end of the fiscal quarters, less the applicable capital reserve amount. See “Note 1, Summary of Significant Accounting Policies” in our 2015 Form 10-K for additional information on our senior preferred stock agreement and our payment of dividends to Treasury.
(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 March 31, 2016 and 2015.