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SEC Filings
8-K
APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. filed this Form 8-K on 02/28/2017
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Beginning with the quarter ended September 30, 2016, the Company slightly modified its definition of Operating Earnings to include realized gains/(losses) on currency swaps related to interest income on investments denominated in a currency other than U.S. dollars. The Company believes that including the effects of realized gains/(losses) on currency swaps related to interest income more accurately reflects the Company’s investment income for a particular period and will allow investors to more easily compare its operating results over various periods. The effects of such unrealized gains/(losses) in prior periods were not material to the Company’s financial results. The Company intends to apply this modified definition for Operating Earnings for all future periods.

Reconciliation of Operating Earnings to Net Income Available to Common Stockholders

The tables below reconcile Operating Earnings and Operating Earnings per share of common stock with net income available to common stockholders and net income available to common stockholders per share of common stock for the three and twelve months ended December 31, 2016 and December 31, 2015 ($ amounts in thousands, except per share data):

 

     Three Months
Ended
December 31,
2016
     Earnings Per
Share
(Diluted)
     Three Months
Ended
December 31,
2015
     Earnings
Per Share
(Diluted)
 

Operating Earnings:

           

Net income available to common stockholders

   $ 49,716      $ 0.60      $ 21,379      $ 0.32  

Adjustments:

           

Equity-based compensation expense

     1,655        0.02        1,693        0.02  

Unrealized (gain)/loss on securities

     (10,502      (0.13      11,618        0.17  

Unrealized (gain) on derivative instruments

     (8,329      (0.10      (3,054      (0.05

Foreign currency loss, net

     7,519        0.09        3,121        0.05  

Amortization of convertible senior notes related to equity reclassification

     599        0.01        564        0.01  

(Income)/loss from unconsolidated joint venture

     303        —          (2,969      (0.04
  

 

 

    

 

 

    

 

 

    

 

 

 

Total adjustments:

     (8,754      (0.11      10,973        0.16  
  

 

 

    

 

 

    

 

 

    

 

 

 

Operating Earnings

   $ 40,962      $ 0.49      $ 32,352        0.48  
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic weighted average shares of common stock outstanding:

     82,670,237           67,146,882     

Diluted weighted average shares of common stock outstanding:

     83,548,823           67,754,673     

 

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