Earnings per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

The below table contains a reconciliation of Net income (loss) before income taxes and noncontrolling interest to Net income (loss) available for common stockholders:

	Years Ended December 31,
(in thousands)	2021		2020		2019
Income (loss) before income taxes and noncontrolling interest	$	996,904	$	1,382,837	$	(115,982)
Provision for (benefit from) income taxes	169,670		261,924		(12,277)
Net income (loss)	827,234		1,120,913		(103,705)
Noncontrolling interest	(350,356)		(471,716)		45,110
Net income (loss) available for common stockholders	$	476,878	$	649,197	$	(58,595)

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)	2021		2020		2019
Basic earnings (loss) per share:
Net income (loss) available for common stockholders	$	476,878	$	649,197	$	(58,595)
Less: Dividends and undistributed earnings allocated to participating securities	(13,674)		(17,383)		(1,926)
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	463,204		631,814		(60,521)
Weighted average shares of common stock outstanding:
Class A	117,339,539		121,692,443		113,918,103
Basic earnings (loss) per share	$	3.95	$	5.19	$	(0.53)

	Years Ended December 31,
(in thousands, except for share or per share data)	2021		2020		2019
Diluted earnings (loss) per share:
Net income (loss) available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$	463,204	$	631,814	$	(60,521)
Weighted average shares of common stock outstanding:
Class A
Issued and outstanding	117,339,539		121,692,443		113,918,103
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	1,084,389		639,747		—
	118,423,928		122,332,190		113,918,103
Diluted earnings (loss) per share	$	3.91	$	5.16	$	(0.53)

(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 because the inclusion of these instruments would have been anti-dilutive.