Annual report pursuant to Section 13 and 15(d)

Earnings Per Share (Tables)

v3.19.3.a.u2
Earnings Per Share (Tables)
12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents a reconciliation of the earnings (loss) and shares used in calculating basic and diluted earnings (loss) per share for the years ended December 31, 2019, 2018 and 2017:
 
Year Ended
 
December 31,
(in thousands, except share data)
2019
 
2018
 
2017
Numerator:
 
 
 
 
 
Net income (loss) from continuing operations
$
323,962

 
$
(44,290
)
 
$
308,239

Income from discontinued operations, net of tax

 

 
44,146

Net income (loss)
$
323,962

 
$
(44,290
)
 
352,385

Income from discontinued operations attributable to noncontrolling interest

 

 
3,814

Net income (loss) attributable to Two Harbors Investment Corp.
323,962

 
(44,290
)
 
348,571

Dividends on preferred stock
75,801

 
65,395

 
25,122

Net income (loss) attributable to common stockholders - basic
248,161

 
(109,685
)
 
323,449

Interest expense attributable to convertible notes (1)

 

 
17,867

Net income (loss) attributable to common stockholders - diluted
$
248,161

 
$
(109,685
)
 
$
341,316

Denominator:
 
 
 
 
 
Weighted average common shares outstanding
266,594,154

 
204,409,853

 
173,063,178

Weighted average restricted stock shares
1,232,585

 
1,610,649

 
1,370,821

Basic weighted average shares outstanding
267,826,739

 
206,020,502

 
174,433,999

Effect of dilutive shares issued in an assumed conversion

 

 
13,699,342

Diluted weighted average shares outstanding
267,826,739

 
206,020,502

 
188,133,341

Basic Earnings (Loss) Per Share:
 
 
 
 
 
Continuing operations
$
0.93

 
$
(0.53
)
 
$
1.62

Discontinued operations

 

 
0.23

Net income (loss)
$
0.93

 
$
(0.53
)
 
$
1.85

Diluted Earnings (Loss) Per Share:
 
 
 
 
 
Continuing operations
$
0.93

 
$
(0.53
)
 
$
1.60

Discontinued operations

 

 
0.21

Net income (loss)
$
0.93

 
$
(0.53
)
 
$
1.81


___________________
(1)
Includes a nondiscretionary adjustment for the assumed change in the management fee calculation.