Note 21. Earnings per Share of Common Stock

The table below provides information on the basic and diluted EPS computations, including the number of shares of

common stock used for purposes of these computations.


	Year Ended December 31,
(in thousands, except for share and per share amounts)	2024	2023	2022
Basic Earnings
Net income (loss) from continuing operations	$(411,999)	$351,245	$159,551
Less: Income attributable to non-controlling interest	5,357	8,960	8,900
Less: Income attributable to participating shares	9,125	9,284	9,561
Basic earnings - continuing operations	$(426,481)	$333,001	$141,090
Basic earnings - discontinued operations	$(18,399)	$(2,834)	$43,612

Diluted Earnings
Net income (loss) from continuing operations	(411,999)	351,245	159,551
Less: Income attributable to non-controlling interest	5,357	8,960	8,900
Less: Income attributable to participating shares	9,125	9,284	9,561
Add: Expenses attributable to dilutive instruments	524	524	9,276
Diluted earnings - continuing operations	$(425,957)	$333,525	$150,366
Diluted earnings - discontinued operations	$(18,399)	$(2,834)	$43,612

Number of Shares
Basic — Average shares outstanding	169,107,477	146,841,594	106,878,139
Effect of dilutive securities — Unvested participating shares	1,364,796	1,725,432	10,315,819
Diluted — Average shares outstanding	170,472,273	148,567,026	117,193,958

EPS Attributable to RC Common Stockholders:
Basic - continuing operations	$(2.52)	$2.27	$1.32
Basic - discontinued operations	$(0.11)	$(0.02)	$0.41
Basic - total	$(2.63)	$2.25	$1.73

Diluted - continuing operations	$(2.52)	$2.24	$1.28
Diluted - discontinued operations	$(0.11)	$(0.02)	$0.37
Diluted - total	$(2.63)	$2.22	$1.65

In the table above, participating unvested RSAs and unvested RSUs, granted to non-employee directors of the Company,

were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-

class method used above.

Certain investors own OP units in the operating partnership. An OP unit and a share of common stock of the Company

have substantially the same economic characteristics in as much as they effectively share equally in the net income or

loss of the operating partnership. OP unit holders have the right to redeem their OP units, subject to certain restrictions.

The redemption is required to be satisfied in shares of common stock or cash at the Company’s option, calculated as

follows: one share of the Company’s common stock, or cash equal to the fair value of a share of the Company’s common

stock at the time of redemption, for each OP unit. When an OP unit holder redeems an OP unit, non-controlling interests

in the operating partnership is reduced and the Company’s equity is increased. As of December 31, 2024 and

December 31, 2023, the non-controlling interest OP unit holders owned 885,582 and 1,330,582 OP units, respectively.

Historical Timeline

Fiscal Year	Filed
2024	Mar 3, 2025	Showing above
2023	Feb 28, 2024

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Ready Capital Corp Earnings Per Share Disclosure

Historical Timeline

About Earnings Per Share Disclosures

Other Available Disclosures