Annual report pursuant to Section 13 and 15(d)

Earnings Per Common Share

v3.19.3.a.u2
Earnings Per Common Share
12 Months Ended
Dec. 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 computation of basic and diluted earnings per share for the three years ended December 31, 2019 was as follows (in thousands; except per share data):
 
Year Ended December 31,
 
2019
 
2018
 
2017
Numerator:
 
 
 
 
 
Income (loss) from continuing operations
$
29,132

 
$
1,153

 
$
(3,568
)
Net loss attributable to noncontrolling interests

 

 
56

Allocation of losses (earnings) from continuing operations to unvested restricted share awards
(125
)
 
(526
)
 
(362
)
Adjusted income (loss) from continuing operations attributable to the controlling interests
29,007

 
627

 
(3,874
)
Income from discontinued operations, including gain on sale of real estate
354,418

 
24,477

 
23,180

Net loss attributable to noncontrolling interests

 

 

Allocation of earnings from discontinued operations to unvested restricted share awards
(1,837
)
 

 

Adjusted income from discontinued operations
352,581

 
24,477

 
23,180

Adjusted net income attributable to the controlling interests
$
381,588

 
$
25,104

 
$
19,306

Denominator:
 
 
 
 
 
Weighted average shares outstanding – basic
80,257

 
78,960

 
76,820

Effect of dilutive securities:
 
 
 
 
 
Operating partnership units
12

 
12

 

Employee restricted share awards
66

 
70

 

Weighted average shares outstanding – diluted
80,335

 
79,042

 
76,820

 
 
 
 
 
 
Earnings per common share, basic:
 
 
 
 
 
Continuing operations
$
0.36

 
$
0.01

 
$
(0.05
)
Discontinued operations
4.39

 
0.31

 
0.30

Basic net income attributable to the controlling interests per common share
$
4.75

 
$
0.32

 
$
0.25

Earnings per common share, diluted:
 
 
 
 
 
Continuing operations
$
0.36

 
$
0.01

 
$
(0.05
)
Discontinued operations
4.39

 
0.31

 
0.30

Diluted net income attributable to the controlling interests per common share
$
4.75

 
$
0.32

 
$
0.25

 
 
 
 
 
 
Dividends declared per common share
$
1.20

 
$
1.20

 
$
1.20