EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2020

We determined that the Series B Preferred Shares are a participating security, and accordingly, our basic and diluted net income / loss per share is calculated using the two-class method. Under the two-class method, basic net income / loss per common share is computed by dividing the net income available to common shareholders after deducting contractual amounts of accretion on our Series B Preferred Shares and the income allocated to these shares by the weighted-average number of common shares outstanding during the period. Diluted net income / loss per share is computed by dividing the adjusted net income by the weighted-average number of dilutive shares outstanding during the period after adjusting for the impact of those dilutive shares on the allocation of income to the Series B Preferred Shares.

The components of basic and diluted earnings per share are as follows:



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
Income from operations	$	31,102		$	44,078		$	40,072		$	55,829
Net loss / (income) attributable to noncontrolling interests	77			(119		)	148			(112		)
Less: income allocated to Series B Preferred Shares	(9,197		)	(13,003		)	(11,873		)	(16,490		)
Net income attributable to CME Ltd. available to common shareholders — basic	21,982			30,956			28,347			39,227

Effect of dilutive securities
Dilutive effect of RSUs and employee stock options	27			47			45			54
Net income attributable to CME Ltd. available to common shareholders — diluted	$	22,009		$	31,003		$	28,392		$	39,281

Weighted average outstanding shares of common stock — basic ⁽¹⁾	265,649			264,570			265,342			264,385
Dilutive effect of employee stock options and RSUs	1,127			1,362			1,448			1,243
Weighted average outstanding shares of common stock — diluted	266,776			265,932			266,790			265,628

Net income per share:
Attributable to CME Ltd. — basic	$	0.08		$	0.12		$	0.11		$	0.15
Attributable to CME Ltd. — diluted	0.08			0.12			0.11			0.15


⁽¹⁾	For the purpose of computing basic earnings per share, the 11,211,449 shares of Class A common stock underlying the Series A Preferred Share are included in the weighted average outstanding shares of common stock - basic, because the rights of the Series A Preferred Share are considered substantially similar to that of our Class A common stock.

Weighted-average equity awards and convertible shares are excluded from the calculation of diluted earnings per share if their effect would be anti-dilutive. The following instruments were anti-dilutive for the periods presented but may be dilutive in future periods:



	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2020	2019	2020	2019
RSUs	836	1,233	836	1,233
Total	836	1,233	836	1,233