| Computation of Basic and Diluted Earnings Per Share |
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):
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Year Ended December 31, |
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2019 |
|
2018 |
|
2017 |
Numerator: |
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Income (loss) from continuing operations |
$ |
29,132 |
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|
$ |
1,153 |
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|
$ |
(3,568 |
) |
Net loss attributable to noncontrolling interests |
— |
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|
— |
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|
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 |
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|
627 |
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|
(3,874 |
) |
Income from discontinued operations, including gain on sale of real estate |
354,418 |
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|
24,477 |
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|
23,180 |
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Net loss attributable to noncontrolling interests |
— |
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|
— |
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|
— |
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Allocation of earnings from discontinued operations to unvested restricted share awards |
(1,837 |
) |
|
— |
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|
— |
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Adjusted income from discontinued operations |
352,581 |
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|
24,477 |
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|
23,180 |
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Adjusted net income attributable to the controlling interests |
$ |
381,588 |
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$ |
25,104 |
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$ |
19,306 |
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Denominator: |
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Weighted average shares outstanding – basic |
80,257 |
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|
78,960 |
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|
76,820 |
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Effect of dilutive securities: |
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Operating partnership units |
12 |
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12 |
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— |
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Employee restricted share awards |
66 |
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70 |
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— |
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Weighted average shares outstanding – diluted |
80,335 |
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|
79,042 |
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|
76,820 |
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Earnings per common share, basic: |
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Continuing operations |
$ |
0.36 |
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$ |
0.01 |
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$ |
(0.05 |
) |
Discontinued operations |
4.39 |
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|
0.31 |
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|
0.30 |
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Basic net income attributable to the controlling interests per common share |
$ |
4.75 |
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$ |
0.32 |
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$ |
0.25 |
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Earnings per common share, diluted: |
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Continuing operations |
$ |
0.36 |
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$ |
0.01 |
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$ |
(0.05 |
) |
Discontinued operations |
4.39 |
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|
0.31 |
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|
0.30 |
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Diluted net income attributable to the controlling interests per common share |
$ |
4.75 |
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$ |
0.32 |
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$ |
0.25 |
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Dividends declared per common share |
$ |
1.20 |
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$ |
1.20 |
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$ |
1.20 |
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