Fannie Mae-No Politics (FNMA)

[kthomp19]

If the warrants have not been exercised, why is the price per share earnings calculated as it includes that number of shares?

This is addressed in Freddie Mac's 2023 10-K form on page 188:

The warrant was determined to be in-substance
non-voting common stock, because the warrant's exercise price of $0.00001 per share is considered non-substantive (compared to the market price of our
common stock). As a result, the shares associated with the warrant are included in the computation of basic and diluted earnings per share. The weighted
average shares of common stock for the years ended December 31, 2023, 2022, and 2021 included shares of common stock that would be issuable upon full
exercise of the warrant issued to Treasury.

There is similar language on page F-58 of Fannie Mae's 2023 10-K form:

We include the shares of common stock that would be issuable upon full exercise of the common stock warrant in the
weighted average shares of outstanding for the computation of both basic and diluted earnings per share because the
warrant’s exercise prices per share is considered non-substantive (compared to the market price of our common stock)
and therefore was determined to have characteristics of non-voting common stock. For the years ended December 31,
2023, 2022 and 2021, the common stock warrant added 4.7 billion shares to weighted average common shares
outstanding.