XML 50 R34.htm IDEA: XBRL DOCUMENT v3.19.1
Earnings per Share (Tables)
 3 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Schedule of reconciliation of net income before noncontrolling interest to net income available for common stockholders
The below table contains a reconciliation of net income before noncontrolling interest to net income available for common stockholders:
 
 
Three Months Ended March 31,
(in thousands)
 
2019
 
2018
Income (loss) before income taxes and noncontrolling interest
 
$
(16,204
)
 
$
468,536

Provision for (benefit from) income taxes
 
(2,585
)
 
58,514

Net income (loss)
 
(13,619
)
 
410,022

 
 
 
 
 
Noncontrolling interest
 
6,946

 
(235,271
)
 
 
 
 
 
Net income (loss) available for common stockholders
 
$
(6,673
)
 
$
174,751
Schedule of basic earnings per share
The calculation of basic and diluted earnings per share is presented below:
 
 
Three Months Ended March 31,
(in thousands, except for share or per share data)
 
2019
 
2018
Basic earnings per share:
 
 
 
 
Net income (loss) available for common stockholders
 
$
(6,673
)
 
$
174,751

Less: Dividends and undistributed earnings allocated to participating securities
 
(441
)
 
(3,213
)
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities
 
(7,114
)
 
171,538

 
 
 
 
 
Weighted average shares of common stock outstanding:
 
 
 
 
Class A
 
107,319,812

 
90,699,321

 
 
 
 
 
Basic earnings per share
 
$
(0.07
)
 
$
1.89
Schedule of diluted earnings per share
 
 
Three Months Ended March 31,
(in thousands, except for share or per share data)
 
2019
 
2018
Diluted earnings per share:
 
 
 
 
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities
 
$
(7,114
)
 
$
171,538

 
 
 
 
 
Weighted average shares of common stock outstanding:
 
 
 
 
Class A
 
 
 
 
Issued and outstanding
 
107,319,812

 
90,699,321

Issuable pursuant to Amended and Restated 2015 Management Incentive Plan (1)
 
—

 
1,706,996

 
 
107,319,812

 
92,406,317

 
 
 
 
 
Diluted earnings per share
 
$
(0.07
)
 
$
1.86

 
(1)
The dilutive impact excludes from the computation of earnings per share 864,601 unexercised stock options and 168,221 restricted stock units issuable pursuant to Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan for the three months ended March 31, 2019 because the inclusion of the options and restricted stock units would have been anti-dilutive.