Quarterly report pursuant to Section 13 or 15(d)

Earnings per Common Share

v2.4.0.8
Earnings per Common Share
9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings per Common Share
NOTE 9: 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 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” under the two-class 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 employee stock options based on the treasury stock method and our incentive share awards with performance or market conditions under the contingently issuable method. The diluted earnings per share calculation also considers operating partnership units (if any) under the if-converted method.

The computations of basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 were as follows (in thousands, except per share data):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
Numerator:
 
 
 
 
 
 
 
Income from continuing operations
$
3,658

 
$
1,709

 
$
2,761

 
$
4,104

Net loss attributable to noncontrolling interests
10

 

 
17

 

Allocation of earnings to unvested restricted share awards
(44
)
 
(32
)
 
11

 
(83
)
Adjusted income from continuing operations attributable to the controlling interests
3,624

 
1,677

 
2,789

 
4,021

Income from discontinued operations, including gain on sale of real estate, net of taxes

 
4,131

 
106,531

 
14,334

Allocation of earnings to unvested restricted share awards

 
(77
)
 
(335
)
 
(288
)
Adjusted income from discontinuing operations attributable to the controlling interests

 
4,054

 
106,196

 
14,046

Adjusted net income attributable to the controlling interests
$
3,624

 
$
5,731

 
$
108,985

 
$
18,067

Denominator:
 
 
 
 

 

Weighted average shares outstanding – basic
66,738

 
66,410

 
66,725

 
66,403

Effect of dilutive securities:
 
 
 
 
 
 
 
Operating partnership units

 
117

 

 
117

Employee stock options and restricted share awards
52

 
34

 
35

 
25

Weighted average shares outstanding – diluted
66,790

 
66,561

 
66,760

 
66,545

Earnings per common share, basic:
 
 
 
 
 
 
 
Continuing operations
$
0.05

 
$
0.03

 
$
0.04

 
$
0.06

Discontinued operations

 
0.06

 
1.59

 
0.21

 
$
0.05

 
$
0.09

 
$
1.63

 
$
0.27

Earnings per common share, diluted:

 

 

 

Continuing operations
$
0.05

 
$
0.03

 
$
0.04

 
$
0.06

Discontinued operations

 
0.06

 
1.59

 
0.21

 
$
0.05

 
$
0.09

 
$
1.63

 
$
0.27