Earnings per Share (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Earnings Per Share [Abstract] |
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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) | | | | | | 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 | |
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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) | | | | | | 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 | |
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Schedule of diluted earnings per share |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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.
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