Quarterly report pursuant to Section 13 or 15(d)

Earnings per Common Share

v3.10.0.1
Earnings per Common Share
9 Months Ended
Sep. 30, 2018
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 dilutive earnings per share calculation includes the dilutive impact of operating partnership units under the if-converted method and our share based awards with performance conditions prior to the grant date and all market condition awards under the contingently issuable method.

The computations of basic and diluted earnings per share for the three and nine months ended September 30, 2018 and 2017 were as follows (in thousands, except per share data):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Numerator:
 
 
 
 
 
 
 
Net income
$
5,893

 
$
2,813

 
$
19,942

 
$
17,275

Net loss attributable to noncontrolling interests in subsidiaries

 
20

 

 
56

Allocation of earnings to unvested restricted share awards
(144
)
 
(107
)
 
(432
)
 
(291
)
Adjusted net income attributable to the controlling interests
$
5,749

 
$
2,726

 
$
19,510

 
$
17,040

Denominator:
 
 
 
 

 

Weighted average shares outstanding – basic
79,076

 
77,291

 
78,695

 
76,292

Effect of dilutive securities:
 
 
 
 
 
 
 
Operating partnership units
12

 
12

 
12

 
8

Employee restricted share awards
150

 
120

 
95

 
115

Weighted average shares outstanding – diluted
79,238

 
77,423

 
78,802

 
76,415

 
 
 
 
 
 
 
 
Basic net income attributable to the controlling interests per common share
$
0.07

 
$
0.04

 
$
0.25

 
$
0.22

Diluted net income attributable to the controlling interests per common share
$
0.07

 
$
0.04

 
$
0.25

 
$
0.22