WMIH Corp. Just Filed Its Quarterly Report: 11. Earnings Per Sha...

11. 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 undistri buted 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. On March 26, 2021, the Company repurchased 3,700 thousand shares of its common stock from affiliates of Kohlberg Kravis Roberts & Co. L.P., a related party of the Company, for a total cost of $119 or $32.25 per share.

The following table sets forth the computation of basic and diluted net income (loss) per common share (amounts in millions, except per share amounts):
Three Months Ended March 31,
Computation of Earnings Per Share20212020
Net income (loss) attributable to Mr. Cooper$561 $(168)
Less: Undistributed earnings attributable to participating stockholders5 — 
Net income (loss) attributable to common stockholders$556 $(168)
Net income (loss) per common share attributable to Mr. Cooper:
Basic$6.22 $(1.84)
Diluted$5.92 $(1.84)
Weighted average shares of common stock outstanding (in thousands):
Basic89,458 91,385 
Dilutive effect of stock awards(1)
3,590 — 
Dilutive effect of participating securities(1)
839 — 
Diluted93,887 91,385 

(1)For periods with net loss, the Company excluded potential common shares from the computation of diluted EPS because inclusion would be antidilutive.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

WMIH Corp. director just disposed of 12,701 shares - May 21, 2021

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