
EARNINGS / (LOSS) PER COMMON SHARE
(Dollars in Thousands, except share or per share information)

	Year Ended December 31,
	2015		2014		2013
Net income / (loss) attributable to IFMI	$	(4,079)	$	(2,585)	$	(13,318)
Add/ (deduct): Income / (loss) attributable to non-controlling interest attributable to Operating LLC membership (1)		(1,589)		(1,087)		(6,592)
Add / (deduct): Adjustment (2)		103		185		876
Net income / (loss) on a fully converted basis	$	(5,565)	$	(3,487)	$	(19,034)

Weighted average common shares outstanding - Basic		14,790,828		14,998,620		12,340,468
Unrestricted Operating LLC membership units (1)		5,324,090		5,324,130		5,324,090
Weighted average common shares outstanding - Diluted (3)		20,114,918		20,322,750		17,664,558

Net income / (loss) per common share - Basic	$	(0.28)	$	(0.17)	$	(1.08)

Net income / (loss) per common share - Diluted	$	(0.28)	$	(0.17)	$	(1.08)

(1)The Operating LLC membership units not held by IFMI (that is, those held by the non-controlling interest) may be redeemed and exchanged into shares of the Company on a one-to-one basis. The Operating LLC membership units not held by IFMI are redeemable at the member’s option, at any time, for (i) cash in an amount equal to the average of the per share closing prices of the Company’s Common Stock for the ten consecutive trading days immediately preceding the date the Company receives Mr. Cohen’s redemption notice, or (ii) at the Company’s option, one share of the Company’s Common Stock, subject, in each case, to appropriate adjustment upon the occurrence of an issuance of additional shares of the Company’s Common Stock as a dividend or other distribution on the Company’s outstanding Common Stock, or a further subdivision or combination of the outstanding shares of the Company’s Common Stock. These units are not included in the computation of basic earnings per share. These units enter into the computation of diluted net income / (loss) per common share when the effect is not anti-dilutive using the if-converted method.

(2)An adjustment is included for the following reasons: (i) if the Operating LLC membership units had been converted at the beginning of the period, the Company would have incurred a higher income tax expense or realized a higher income tax benefit, as applicable; and (ii) to adjust the non-controlling interest amount to be consistent with the weighted average share calculation.

(3)For the years ended December 31, 2015, 2014, and 2013, weighted average common shares outstanding excludes a total of 12,630, 121,914, and 395,457 shares, respectively, representing restricted Operating LLC units, restricted IFMI Common Stock, and restricted units of IFMI Common Stock. For the years ended December 31, 2015, 2014, and 2013, the weighted average common shares outstanding also excludes 2,749,167 shares, 2,749,167 shares, and 732,115 shares, respectively, from the assumed conversion of the 8% Convertibles Notes because the inclusion of the converted shares would be anti-dilutive.