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Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Schedule of reconciliation of net income before noncontrolling interest to net income available for common stockholders
The below table contains a reconciliation of net income (loss) before noncontrolling interest to net income (loss) available for common stockholders:
 
 
Years Ended December 31,
(in thousands)
 
2019
 
2018
 
2017
Income (loss) before income taxes and noncontrolling interest
 
$
(115,982
)
 
$
696,363

 
$
113,164

Provision for (benefit from) income taxes
 
(12,277
)
 
76,171

 
94,266

Net income (loss)
 
(103,705
)
 
620,192

 
18,898

 
 
 
 
 
 
 
Noncontrolling interest
 
45,110

 
(330,751
)
 
(15,959
)
 
 
 
 
 
 
 
Net income (loss) available for common stockholders
 
$
(58,595
)
 
$
289,441

 
$
2,939
Schedule of basic earnings per share
The calculation of basic and diluted earnings per share is presented below:
 
 
Years Ended December 31,
(in thousands, except for share or per share data)
 
2019
 
2018
 
2017
Basic earnings (loss) per share:
 
 
 
 
 
 
Net income (loss) available for common stockholders
 
$
(58,595
)
 
$
289,441

 
$
2,939

Less: Dividends and undistributed earnings allocated to participating securities
 
(1,926
)
 
(5,418
)
 
(1,326
)
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities
 
(60,521
)
 
284,023

 
1,613

 
 
 
 
 
 
 
Weighted average shares of common stock outstanding:
 
 
 
 
 
 
Class A
 
113,918,103

 
100,875,793

 
62,579,147

 
 
 
 
 
 
 
Basic earnings (loss) per share
 
$
(0.53
)
 
$
2.82

 
$
0.03
Schedule of diluted earnings per share
 
 
Years Ended December 31,
(in thousands, except for share or per share data)
 
2019
 
2018
 
2017
Diluted earnings (loss) per share:
 
 
 
 
 
 
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities
 
$
(60,521
)
 
$
284,023

 
$
1,613

 
 
 
 
 
 
 
Weighted average shares of common stock outstanding:
 
 
 
 
 
 
Class A
 
 
 
 
 
 
Issued and outstanding
 
113,918,103

 
100,875,793

 
62,579,147

Issuable pursuant to Amended and Restated 2015 Management Incentive Plan (1)
 
—

 
1,213,346

 
—

 
 
113,918,103

 
102,089,139

 
62,579,147

 
 
 
 
 
 
 
Diluted earnings (loss) per share
 
$
(0.53
)
 
$
2.78

 
$
0.03

 
(1)
The dilutive impact excludes from the computation of earnings (loss) per share 377,677 unexercised stock options and 440,335 restricted stock units issuable pursuant to Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan for the year ended December 31, 2019, and 1,740,630 options for the year ended December 31, 2017, because the inclusion of these instruments would have been anti-dilutive.