EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2020

12. EARNINGS PER SHARE

The Company’s net income (loss) and weighted average shares outstanding for the three months ended March 31, 2020 and 2019 consist of the following:



	Three Months Ended March 31,
($ in thousands except share amounts)	2020			2019

Basic Net income (loss) available for Class A common shareholders	$	(15,728	)	$	22,175
Diluted Net income (loss) available for Class A common shareholders	$	(15,728	)	$	22,175
Weighted average shares outstanding
Basic	106,329,796			104,259,549
Diluted	106,329,796			105,006,315

The calculation of basic and diluted net income (loss) per share amounts for the three months ended March 31, 2020 and 2019 consist of the following:



	Three Months Ended March 31,
(In thousands except share amounts)	2020			2019

Basic Net Income (Loss) Per Share of Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$	(15,728	)	$	22,175
Denominator:
Weighted average number of shares of Class A common stock outstanding	106,329,796			104,259,549
Basic net income (loss) per share of Class A common stock	$	(0.15	)	$	0.21

Diluted Net Income (Loss) Per Share of Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$	(15,728	)	$	22,175
Add (deduct) - dilutive effect of:
Amounts attributable to operating partnership’s share of Ladder Capital Corp net income (loss)(2)	—			—
Additional corporate tax (expense) benefit(2)	—			—
Diluted net income (loss) attributable to Class A common shareholders	(15,728		)	22,175
Denominator:
Basic weighted average number of shares of Class A common stock outstanding	106,329,796			104,259,549
Add - dilutive effect of:
Shares issuable relating to converted Class B common shareholders(3)	—			—
Incremental shares of unvested Class A restricted stock(3)	—			746,766
Incremental shares of unvested stock options	—			—
Diluted weighted average number of shares of Class A common stock outstanding	106,329,796			105,006,315
Diluted net income (loss) per share of Class A common stock	$	(0.15	)	$	0.21


(1)	For three months ended March 31, 2020 and 2019, shares issuable relating to converted Class B common shareholders are excluded from the calculation of diluted EPS as the inclusion of such potential common shares in the calculation would be anti-dilutive.


(2)	The Company is using the as-if converted method for the Class B common shareholders while adjusting for additional corporate income tax expense (benefit) for the described net income (loss) add-back.


(3)	The Company is using the treasury stock method.

The shares of Class B common stock do not share in the earnings of Ladder Capital Corp and are, therefore, not participating securities. Accordingly, basic and diluted net income (loss) per share of Class B common stock has not been presented, although the assumed conversion of Class B common stock has been included in the presented diluted net income (loss) per share of Class A common stock.