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Basic and Diluted Earnings per Share | 9 Months Ended
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Sep. 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 nine months ended September 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 September 30, |  | Nine Months Ended September 30,
2024 |  | 2023 |  | 2024 |  | 2023
Basic earnings (loss) per share |  |  |  |  |  |  |
Net income (loss) | $ | 21.4 |  |  | $ | 8.5 |  |  | $ | 62.0 |  |  | $ | (16.2) |
Weighted average shares of common stock outstanding | 7,860,572 |  |  | 7,677,008 |  |  | 7,797,974 |  |  | 7,621,569 |
Basic earnings (loss) per share | $ | 2.72 |  |  | $ | 1.10 |  |  | $ | 7.95 |  |  | $ | (2.13) |
Diluted earnings (loss) per share |  |  |  |  |  |  |
Net income (loss) | $ | 21.4 |  |  | $ | 8.5 |  |  | $ | 62.0 |  |  | $ | (16.2) |
Weighted average shares of common stock outstanding | 7,860,572 |  |  | 7,677,008 |  |  | 7,797,974 |  |  | 7,621,569 |
Effect of dilutive elements |  |  |  |  |  |  |
Common stock warrants | 47,066 |  |  | 174,712 |  |  | 39,788 |  |  | — |
Common stock awards | 147,755 |  |  | 208,358 |  |  | 169,219 |  |  | — |
Dilutive weighted average shares of common stock | 8,055,393 |  |  | 8,060,078 |  |  | 8,006,981 |  |  | 7,621,569 |
Diluted earnings (loss) per share | $ | 2.65 |  |  | $ | 1.05 |  |  | $ | 7.74 |  |  | $ | (2.13) |
Stock options and common stock awards excluded from the computation of diluted earnings (loss) per share |  |  |  |  |  |  |
Anti-dilutive (1) | 27,731 |  |  | 64,870 |  |  | 107,928 |  |  | 61,425 |
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.

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