Quarterly report pursuant to Section 13 or 15(d)

Earnings per Common Share

v3.19.1
Earnings per Common Share
3 Months Ended
Mar. 31, 2019
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 months ended March 31, 2019 and 2018 were as follows (in thousands, except per share data):
 
Three Months Ended March 31,
 
2019
 
2018
Numerator:
 
 
 
Net (loss) income
$
(4,405
)
 
$
3,299

Net income attributable to noncontrolling interests in subsidiaries

 

Allocation of earnings to unvested restricted share awards
(134
)
 
(144
)
Adjusted net (loss) income attributable to the controlling interests
$
(4,539
)
 
$
3,155

Denominator:
 
 
 
Weighted average shares outstanding – basic
79,881

 
78,483

Effect of dilutive securities:
 
 
 
Operating partnership units

 
12

Employee restricted share awards

 
52

Weighted average shares outstanding – diluted
79,881

 
78,547

 
 
 
 
Basic net (loss) income attributable to the controlling interests per common share
$
(0.06
)
 
$
0.04

Diluted net (loss) income attributable to the controlling interests per common share
$
(0.06
)
 
$
0.04

 
 
 
 
Dividends declared per common share
$
0.30

 
$
0.30