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Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings per Share
16. Earnings per Share

The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. The Series A Preferred Stock is considered participating securities because it has dividend rights determined on an as-converted basis in the event of Company’s declaration of a dividend or distribution for common shares. In 2021, the Company repurchased a total of 14.8 million shares of its common stock from affiliates of Kohlberg Kravis Roberts & Co. L.P., (“KKR”) a related party of the Company. In addition, in August 2021, the Company repurchased 1.0 million shares of its Series A Preferred Stock from affiliates of KKR. After giving effect to the transaction, KKR no longer held any equity interests in the Company.

The following table sets forth the computation of basic and diluted net income (loss) per common share (amounts in millions, except per share amounts):
Year Ended December 31,
Computation of Earnings Per Share202320222021
Net income from continuing operations$500 $923 $1,466 
Less: Undistributed earnings from continuing operations attributable to participating stockholders— — 8 
Less: Premium on retirement of preferred stock— — 28 
Net income from continuing operations attributable to Mr. Cooper common stockholders$500 $923 $1,430 
Net loss from discontinued operations $— $— $(12)
Less: Undistributed earnings from discontinued operations attributable to participating stockholders— — — 
Net loss from discontinued operations attributable to Mr. Cooper common stockholders$— $— $(12)
Net income$500 $923 $1,454 
Less: Undistributed earnings attributable to participating stockholders— — 8 
Less: Premium on retirement of preferred stock— — 28 
Net income attributable to common stockholders$500 $923 $1,418 
Earnings from continuing operations per common share attributable to Mr. Cooper:
Basic$7.46 $12.84 $17.39 
Diluted$7.30 $12.50 $16.67 
Earnings from discontinued operations per common share attributable to Mr. Cooper:
Basic$— $— $(0.15)
Diluted$— $— $(0.14)
Earnings per common share attributable to Mr. Cooper:
Basic$7.46 $12.84 $17.24 
Diluted$7.30 $12.50 $16.53 
Weighted average shares of common stock outstanding (in thousands):
Basic67,070 71,885 82,247 
Dilutive effect of stock awards1,479 1,933 3,067 
Dilutive effect of participating securities— — 492 
Diluted68,549 73,818 85,806