EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

13. EARNINGS PER SHARE

The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2022, 2021, and 2020 consist of the following:


	Year Ended December 31,
($ in thousands except share amounts)		2022		2021		2020

Basic and Diluted Net income (loss) available for Class A common shareholders		$	142,217	$	56,522	$	(14,445)

Weighted average shares outstanding:
Basic		124,301,421		123,763,843		112,409,615
Diluted		125,823,671		124,563,051		112,409,615

The calculation of basic and diluted net income (loss) per share amounts for the years ended December 31, 2022, 2021, and 2020 consist of the following:


	Year Ended December 31,
(In thousands except share and per share amounts) (1)		2022		2021		2020(2)
Basic Net Income (Loss) Per Share of Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders		$	142,217	$	56,522	$	(14,445)
Denominator:
Weighted average number of shares of Class A common stock outstanding		124,301,421		123,763,843		112,409,615
Basic net income (loss) per share of Class A common stock		$	1.14	$	0.46	$	(0.13)

Diluted Net Income (Loss) Per Share of Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders		$	142,217	$	56,522	$	(14,445)



Diluted net income (loss) attributable to Class A common shareholders		142,217		56,522		(14,445)
Denominator:
Basic weighted average number of shares of Class A common stock outstanding		124,301,421		123,763,843		112,409,615
Add - dilutive effect of:

Incremental shares of unvested Class A restricted stock(1)		1,522,250		799,208		—

Diluted weighted average number of shares of Class A common stock outstanding		125,823,671		124,563,051		112,409,615
Diluted net income (loss) per share of Class A common stock		$	1.13	$	0.45	$	(0.13)

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

(2)For the year ended December 31, 2020, 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. There were no Class B shares outstanding during the years ended December 31, 2022 and December 31, 2021.

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 for the period of time that Class B common stock was outstanding.