Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings (Loss) Per ShareEarnings (loss) per share ("EPS") is calculated in accordance with ASC 260, Earnings per Share. Basic EPS is computed by dividing net income (loss) attributable to Virtus Investment Partners, Inc. by the weighted-average number of common shares outstanding for the period, excluding dilution for potential common stock issuances. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including: (i) shares issuable upon the vesting of RSUs and stock option exercises using the treasury stock method and (ii) shares issuable upon the conversion of the Company's previously outstanding mandatory convertible preferred stock ("MCPS"), as determined under the if-converted method. For purposes of calculating diluted EPS, preferred stock dividends have been subtracted from net income (loss) in periods in which utilizing the if-converted method would be anti-dilutive.

The computation of basic and diluted EPS is as follows: 

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2021		2020		2021		2020
Net Income (Loss)	$	72,511	$	40,934	$	200,822	$	58,149
Noncontrolling interests	(13,775)		(11,286)		(42,531)		(21,507)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc.	$	58,736	$	29,648	$	158,291	$	36,642
Shares:
Basic: Weighted-average number of shares outstanding	7,691		7,684		7,688		7,611
Plus: Incremental shares from assumed conversion of dilutive instruments	293		313		340		347
Diluted: Weighted-average number of shares outstanding	7,984		7,997		8,028		7,958
Earnings (Loss) per Share—Basic	$	7.64	$	3.86	$	20.59	$	4.81
Earnings (Loss) per Share—Diluted	$	7.36	$	3.71	$	19.72	$	4.60

The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive.

	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2021	2020	2021	2020
Restricted stock units and options	5	1	2	—
Total anti-dilutive securities	5	1	2	—