Earnings per Share

12 Months Ended

Dec. 31, 2020

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)		2020		2019		2018
Income (loss) before income taxes and noncontrolling interest		$	1,382,837	$	(115,982)	$	696,363
Provision for (benefit from) income taxes		261,924		(12,277)		76,171
Net income (loss)		1,120,913		(103,705)		620,192



Noncontrolling interest		(471,716)		45,110		(330,751)

Net income (loss) available for common stockholders		$	649,197	$	(58,595)	$	289,441

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)		2020		2019		2018
Basic earnings (loss) per share:
Net income (loss) available for common stockholders		$	649,197	$	(58,595)	$	289,441

Less: Dividends and undistributed earnings allocated to participating securities		(17,383)		(1,926)		(5,418)
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		631,814		(60,521)		284,023

Weighted average shares of common stock outstanding:
Class A		121,692,443		113,918,103		100,875,793

Basic earnings (loss) per share		$	5.19	$	(0.53)	$	2.82


	Years Ended December 31,
(in thousands, except for share or per share data)		2020		2019		2018
Diluted earnings (loss) per share:
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		$	631,814	$	(60,521)	$	284,023

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		121,692,443		113,918,103		100,875,793
Issuable pursuant to Amended and Restated 2015 Management Incentive Plan, Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan, and Warrants issued in connection with the Founder Member Loan (1)		639,747		—		1,213,346
		122,332,190		113,918,103		102,089,139

Diluted earnings (loss) per share		$	5.16	$	(0.53)	$	2.78

(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 the Amended and Restated Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan for the year ended December 31, 2019, because the inclusion of these instruments would have been anti-dilutive.