Quarterly report pursuant to Section 13 or 15(d)

Earnings per Common Share

v3.7.0.1
Earnings per Common Share
3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
Earnings per Common Share
EARNINGS PER COMMON SHARE

We determine “Basic earnings per share” using the two-class method as our unvested restricted share awards and units have non-forfeitable rights to dividends, and are therefore considered participating securities. We compute basic earnings per share by dividing net income attributable to the controlling interest less the allocation of undistributed earnings to unvested restricted share awards and units by the weighted-average number of common shares outstanding for the period.

We also determine “Diluted earnings per share” as the more dilutive of the two-class method or the treasury stock method with respect to the unvested restricted share awards. We further evaluate any other potentially dilutive securities at the end of the period and adjust the basic earnings per share calculation for the impact of those securities that are dilutive. Our diluted earnings per share calculation includes the dilutive impact of our share based awards with performance conditions prior to the grant date and awards with market conditions under the contingently issuable method.

The computations of basic and diluted earnings per share for the three months ended March 31, 2017 and 2016 were as follows (in thousands, except per share data):
 
Three Months Ended March 31,
 
2017
 
2016
Numerator:
 
 
 
Net income
$
6,615

 
$
2,379

Net loss attributable to noncontrolling interests in subsidiaries
19

 
5

Allocation of earnings to unvested restricted share awards
(78
)
 
(90
)
Adjusted net income attributable to the controlling interests
$
6,556

 
$
2,294

Denominator:
 
 
 
Weighted average shares outstanding – basic
74,854

 
68,301

Effect of dilutive securities:
 
 
 
Employee restricted share awards
112

 
187

Weighted average shares outstanding – diluted
74,966

 
68,488

 
 
 
 
Basic net income attributable to the controlling interests per common share
$
0.09

 
$
0.03

Diluted net income attributable to the controlling interests per common share
$
0.09

 
$
0.03