Quarterly report pursuant to Section 13 or 15(d)

Earnings per Common Share

v3.7.0.1
Earnings per Common Share
6 Months Ended
Jun. 30, 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 dilutive earnings per share calculation also considers the Operating Partnership Units issued in connection with the 2017 acquisition, which were not dilutive for any of the periods presented.

The computations of basic and diluted earnings per share for the three and six months ended June 30, 2017 and 2016 were as follows (in thousands, except per share data):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Numerator:
 
 
 
 
 
 
 
Net income
$
7,847

 
$
31,821

 
$
14,462

 
$
34,200

Net loss attributable to noncontrolling interests in subsidiaries
17

 
15

 
36

 
20

Allocation of earnings to unvested restricted share awards
(107
)
 
(99
)
 
(184
)
 
(155
)
Adjusted net income attributable to the controlling interests
$
7,757

 
$
31,737

 
$
14,314

 
$
34,065

Denominator:
 
 
 
 

 

Weighted average shares outstanding – basic
76,705

 
71,719

 
75,785

 
70,010

Effect of dilutive securities:
 
 
 
 
 
 
 
Operating partnership units
11

 

 
6

 

Employee restricted share awards
114

 
193

 
112

 
190

Weighted average shares outstanding – diluted
76,830

 
71,912

 
75,903

 
70,200

 
 
 
 
 
 
 
 
Basic net income attributable to the controlling interests per common share
$
0.10

 
$
0.44

 
$
0.19

 
$
0.49

Diluted net income attributable to the controlling interests per common share
$
0.10

 
$
0.44

 
$
0.19

 
$
0.49