Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2022

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 before income taxes and noncontrolling interest to Net income available for common stockholders:


	Years Ended December 31,
(in thousands)		2022		2021		2020
Income before income taxes and noncontrolling interest		$	556,798	$	996,904	$	1,382,837
Provision for income taxes		88,466		169,670		261,924
Net income		468,332		827,234		1,120,913



Noncontrolling interest		(203,306)		(350,356)		(471,716)

Net income available for common stockholders		$	265,026	$	476,878	$	649,197

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)		2022		2021		2020
Basic earnings per share:
Net income available for common stockholders		$	265,026	$	476,878	$	649,197

Less: Dividends and undistributed earnings allocated to participating securities		(9,811)		(13,674)		(17,383)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		255,215		463,204		631,814

Weighted average shares of common stock outstanding:
Class A		103,997,767		117,339,539		121,692,443

Basic earnings per share		$	2.45	$	3.95	$	5.19

Schedule of diluted earnings per share


	Years Ended December 31,
(in thousands, except for share or per share data)		2022		2021		2020
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		$	255,215	$	463,204	$	631,814

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		103,997,767		117,339,539		121,692,443
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		424,676		1,084,389		639,747
		104,422,443		118,423,928		122,332,190

Diluted earnings per share		$	2.44	$	3.91	$	5.16