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Basic and Diluted Earnings per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Basic and Diluted Earnings per Share
Note 17 – Basic and Diluted Earnings (Loss) per Share
Basic earnings or loss per share excludes common stock equivalents and is calculated by dividing net income or loss attributable to Onity common stockholders by the weighted average number of common shares outstanding during the period. We calculate diluted earnings or loss per share by dividing net income or loss attributable to Onity by the weighted average number of common shares outstanding including the potential dilutive common shares related to outstanding restricted stock awards, stock options and warrants as determined using the treasury stock method. For the six months ended June 30, 2023, we have excluded the effect of all stock options, common stock awards, and warrants from the computation of diluted loss per share because of the anti-dilutive effect of our reported net loss.
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Basic earnings (loss) per share
Net income (loss)$10.5 $15.5 $40.6 $(24.7)
Weighted average shares of common stock outstanding
7,821,128 7,652,563 7,766,331 7,593,391 
Basic earnings (loss) per share$1.34 $2.02 $5.23 $(3.25)
Diluted earnings (loss) per share
Net income (loss)$10.5 $15.5 $40.6 $(24.7)
Weighted average shares of common stock outstanding7,821,128 7,652,563 7,766,331 7,593,391 
Effect of dilutive elements
Common stock warrants3,713 115,977 36,148 — 
Common stock awards93,831 151,047 179,950 — 
Dilutive weighted average shares of common stock
7,918,672 7,919,587 7,982,429 7,593,391 
Diluted earnings (loss) per share$1.33 $1.95 $5.09 $(3.25)
Stock options and common stock awards excluded from the computation of diluted earnings (loss) per share
Anti-dilutive (1)264,110 84,748 148,027 59,703 
Market-based (2)64,085 61,354 64,085 61,354 
(1)Includes stock options and stock awards that are anti-dilutive based on the application of the treasury stock method.
(2)Shares that are issuable upon the achievement of certain market-based performance criteria related to Onity’s stock price.