Net Income (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2018

The following table presents the calculation of basic net loss per share for periods presented:

(in thousands, except per share data):

	Three months ended June 30, 2018			Three months ended June 30, 2017			Six months ended June 30, 2018			Six months ended June 30, 2017
Numerator for basic net loss per share:
Net loss	$	(1,996	)	$	(21,324	)	$	(7,579	)	$	(3,535	)
Less: Series B preferred stock dividends		—			(4,500	)		(200	)		(9,000	)
Basic net loss attributable to common stockholders	$	(1,996	)	$	(25,824	)	$	(7,779	)	$	(12,535	)
Denominator for basic net loss per share:
Weighted-average shares outstanding		209,902,759			206,490,690			208,317,254			206,436,048
Weighted-average unvested restricted shares outstanding		(3,841,073	)		(3,857,807	)		(3,931,031	)		(3,907,045	)
Denominator for basic net loss per share		206,061,686			202,632,883			204,386,223			202,529,003
Basic net loss per share attributable to common stockholders	$	(0.01	)	$	(0.13	)	$	(0.04	)	$	(0.06	)

Calculation of Diluted Net Loss Per Share

The following table presents the calculation of diluted net loss per share for periods presented:

	Three months ended June 30, 2018			Three months ended June 30, 2017			Six months ended June 30, 2018			Six months ended June 30, 2017
Numerator for diluted net loss per share:
Net loss	$	(1,996	)	$	(21,324	)	$	(7,579	)	$	(3,535	)
Less: Series B preferred stock dividends		—			(4,500	)		(200	)		(9,000	)
Diluted net loss attributable to common stockholders	$	(1,996	)	$	(25,824	)	$	(7,779	)	$	(12,535	)
Denominator for diluted net loss per share:
Weighted-average shares outstanding		209,902,759			206,490,690			208,317,254			206,436,048
Weighted-average unvested restricted shares outstanding		(3,841,073	)		(3,857,807	)		(3,931,031	)		(3,907,045	)
Denominator for diluted net loss per share		206,061,686			202,632,883			204,386,223			202,529,003
Diluted net loss income per share attributable to common stockholders	$	(0.01	)	$	(0.13	)	$	(0.04	)	$	(0.06	)

Schedule of Potential Dilutive Common Shares

The following table summarizes shares subject to exercise or vesting conditions as more fully described in Note 9: Capital Stock and Derivative Instruments. These shares could potentially be dilutive in future periods if we realize net income attributable to common and participating stockholders and the contingent or unvested stock is converted to WMIH common stock. The cash payment of $84.4 million, which would be received upon exercise of the warrants, has not been considered as an offset to the dilutive shares under warrants outstanding below. The Warrant Exchange, which is conditioned upon the closing of the Merger and which would reduce the number of warrants received from 61,400,000 shares to 21,197,619 shares, is not reflected below.

	Potential dilution to common
	Minimum shares		Maximum shares
Restricted shares subject to vesting		4,133,020		4,133,020
Series A Preferred Stock		10,065,629		10,065,629
Warrants outstanding		61,400,000		61,400,000
Maximum number of restricted shares to be issued if Nationstar Transaction is consummated		—		1,015,872
Series B Preferred Stock ($1.35 conversion)		444,444,444		444,444,444
Potential common shares issued to satisfy Series B Preferred Stock dividends (full term)		—		54,633,446
Potential common shares issued to satisfy Series B Preferred Stock acquisition conversion payment		—		11,428,572
Potential dilutive shares if converted to common		520,043,093		587,120,983