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Earnings Per Share | 9 Months Ended
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Sep. 30, 2014
Earnings Per Share |
Earnings Per Share | Note 13 — Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Arbor Realty Trust, Inc. by the weighted average number of shares of common stock outstanding during each period inclusive of unvested restricted stock with full dividend participation rights. Diluted EPS is calculated by dividing net income by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period using the treasury stock method. The Company’s common stock equivalents include the weighted average dilutive effect of warrants for the period of time that they were outstanding. The following is a reconciliation of the numerator and denominator of the basic and diluted EPS computations for the three months ended September 30, 2014 and 2013.
|  | Three Months Ended |  | Three Months Ended |
|  | September 30, 2014 |  | September 30, 2013 |
|  | Basic |  | Diluted |  | Basic |  | Diluted |
Net income attributable to Arbor Realty Trust, Inc. common stockholders (1) |  | $ | 63,402,121 |  | $ | 63,402,121 |  | $ | 3,664,679 |  | $ | 3,664,679 |
Weighted average number of common shares outstanding |  | 50,477,308 |  | 50,477,308 |  | 43,397,555 |  | 43,397,555 |
Dilutive effect of warrants (2) |  | — |  | — |  | — |  | 434,716 |
Weighted average number of common shares outstanding |  | 50,477,308 |  | 50,477,308 |  | 43,397,555 |  | 43,832,271 |
Net income attributable to Arbor Realty Trust, Inc. per common share (1) |  | $ | 1.26 |  | $ | 1.26 |  | $ | 0.08 |  | $ | 0.08 |
The following is a reconciliation of the numerator and denominator of the basic and diluted EPS computations for the nine months ended September 30, 2014 and 2013.
|  | Nine Months Ended |  | Nine Months Ended |
|  | September 30, 2014 |  | September 30, 2013 |
|  | Basic |  | Diluted |  | Basic |  | Diluted |
Net income attributable to Arbor Realty Trust, Inc. common stockholders (1) |  | $ | 80,742,939 |  | $ | 80,742,939 |  | $ | 13,300,784 |  | $ | 13,300,784 |
Weighted average number of common shares outstanding |  | 50,031,205 |  | 50,031,205 |  | 40,129,718 |  | 40,129,718 |
Dilutive effect of warrants (2) |  | — |  | 300,418 |  | — |  | 446,915 |
Weighted average number of common shares outstanding |  | 50,031,205 |  | 50,331,623 |  | 40,129,718 |  | 40,576,633 |
Net income attributable to Arbor Realty Trust, Inc. per common share (1) |  | $ | 1.61 |  | $ | 1.60 |  | $ | 0.33 |  | $ | 0.33 |
| (1) |  | Net of noncontrolling interest and preferred stock dividends.
| (2) |  | On July 1, 2014, all of the warrants were acquired and canceled by the Company. See Note 12 — “Equity” for further details.

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