Net Income (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 31, 2017

Calculation of Basic Net Income (Loss) Per Share Attributable to Common Stockholders

The following table presents the calculation of basic net income (loss) per share attributable to common stockholders for the periods presented:

(in thousands, except share and per share data)

	Year ended December 31, 2017			Year ended December 31, 2016			Year ended December 31, 2015
Numerator for basic net income (loss) per share:
Net income (loss)	$	25,882		$	201,700		$	(61,833	)
Less: Series B preferred stock dividends		(18,050	)		(18,000	)		(17,748	)
Less: undistributed earnings attributed to participating securities (basic calculation)		(5,417	)		(116,774	)		—
Basic net income (loss) attributable to common stockholders	$	2,415		$	66,926		$	(79,581	)
Denominator for basic net income (loss) per share:
Weighted-average shares outstanding		206,576,233			206,291,857			204,776,405
Weighted-average unvested restricted shares outstanding		(3,980,945	)		(4,020,970	)		(3,029,792	)
Denominator for basic net income (loss) per share		202,595,288			202,270,887			201,746,613
Basic net income (loss) per share attributable to common stockholders	$	0.01		$	0.33		$	(0.39	)

Calculation of Diluted Net Income (Loss) Per Share Attributable to Common Stockholders

The following table presents the calculation of diluted net income (loss) per share attributable to common stockholders for the periods presented:

(in thousands, except share and per share data)

	Year ended December 31, 2017			Year ended December 31, 2016			Year ended December 31, 2015
Numerator for diluted net income (loss) per share:
Net income (loss)	$	25,882		$	201,700		$	(61,833	)
Less: Series B preferred stock dividends		(18,050	)		(18,000	)		(17,748	)
Less: undistributed earnings attributed to participating securities (diluted calculation)		(5,417	)		(112,115	)		—
Diluted net income (loss) attributable to common stockholders	$	2,415		$	71,585		$	(79,581	)
Denominator for diluted net income (loss) per share:
Weighted-average shares outstanding		206,576,233			206,291,857			204,776,405
Weighted-average unvested restricted shares outstanding		(3,980,945	)		(4,020,970	)		(3,029,792	)
Effect of dilutive potential shares		10,065,629			33,135,473			—
Denominator for diluted net income (loss) per share		212,660,917			235,406,360			201,746,613
Diluted net income (loss) per share attributable to common stockholders	$	0.01		$	0.30		$	(0.39	)

Schedule of Potential Dilutive Common Shares

The following table summarizes shares subject to exercise or vesting conditions as more fully described in Note 9: Capital Stock and Derivative Instruments. These shares could potentially be dilutive in future periods if we realize net income attributable to common and participating stockholders and the contingent or unvested stock is converted to WMIH common stock. The cash payment of $84.4 million, which would be received upon exercise of the warrants, has not been considered as an offset to the dilutive shares under warrants outstanding below.

	Potential dilution to common
	Minimum shares		Maximum shares
Restricted shares subject to vesting		4,053,640		4,053,640
Series A Preferred Stock		10,065,629		10,065,629
Warrants outstanding		61,400,000		61,400,000
Maximum number of restricted shares to be issued if Series B conversion is below $2.25		—		1,015,874
Series B Preferred Stock ($1.35 conversion)		444,444,444		444,444,444
Potential common shares issued to satisfy Series B Preferred Stock dividends (full term)		—		64,285,714
Potential common shares issued to satisfy Series B Preferred Stock acquisition conversion payment		—		11,428,572
Potential dilutive shares if converted to common		519,963,713		596,693,873