Quarterly report pursuant to Section 13 or 15(d)

Earnings per Common Share

v3.20.1
Earnings per Common Share
3 Months Ended
Mar. 31, 2020
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, 2020 and 2019 were as follows (in thousands, except per share data):
 
Three Months Ended March 31,
 
2020
 
2019
Numerator:
 
 
 
Income (loss) from continuing operations
$
1,719

 
$
(10,443
)
Allocation of earnings to unvested restricted share awards to continuing operations
(151
)
 
(134
)
Adjusted income (loss) from continuing operations attributable to the controlling interests
1,568

 
(10,577
)
Adjusted income from discontinued operations

 
6,038

Adjusted net income (loss) attributable to the controlling interests
$
1,568

 
$
(4,539
)
Denominator:
 
 
 
Weighted average shares outstanding – basic
82,086

 
79,881

Effect of dilutive securities:
 
 
 
Employee restricted share awards
189

 

Operating partnership units
12

 

Weighted average shares outstanding – diluted
82,287

 
79,881

Earnings per common share, basic:
 
 
 
Continuing operations
$
0.02

 
$
(0.13
)
Discontinued operations

 
0.08

Basic net income (loss) attributable to the controlling interests per common share (1)
$
0.02

 
$
(0.06
)
Earnings per common share, diluted:

 

Continuing operations
$
0.02

 
$
(0.13
)
Discontinued operations

 
0.08

Diluted net income (loss) attributable to the controlling interests per common share (1)
$
0.02

 
$
(0.06
)
 
 
 
 
Dividends declared per common share
$
0.30

 
$
0.30


______________________________
(1)
Earnings per share may not sum due to rounding.