Quarterly report pursuant to Section 13 or 15(d)

Earnings per Common Share

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Earnings per Common Share
6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Earnings per Common Share
NOTE 8: 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 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 diluted earnings per share calculation includes the dilutive impact of employee stock options (prior to their expiration at December 31, 2014) based on the treasury stock method and our share based awards with performance conditions prior to the grant date and all market condition awards under the contingently issuable method. We had a loss from continuing operations for the 2015 Quarter and 2014 Period and therefore diluted earnings per share is calculated in the same manner as basic earnings per share for these periods.

The computations of basic and diluted earnings per share for the three and six months ended June 30, 2015 and 2014 were as follows (in thousands, except per share data):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Numerator:
 
 
 
 
 
 
 
(Loss) income from continuing operations
$
(2,886
)
 
$
1,368

 
$
26,512

 
$
(897
)
Net loss attributable to noncontrolling interests
340

 
7

 
448

 
7

Allocation of earnings to unvested restricted share awards
(80
)
 
(17
)
 
(165
)
 
38

Adjusted (loss) income from continuing operations attributable to the controlling interests
(2,626
)
 
1,358

 
26,795

 
(852
)
(Loss) income from discontinued operations, including (loss) gain on sale of real estate, net of taxes

 
(288
)
 

 
106,531

Allocation of earnings to unvested restricted share awards

 

 

 
(332
)
Adjusted (loss) income from discontinuing operations attributable to the controlling interests

 
(288
)
 

 
106,199

Adjusted net (loss) income attributable to the controlling interests
$
(2,626
)
 
$
1,070

 
$
26,795

 
$
105,347

Denominator:
 
 
 
 

 

Weighted average shares outstanding – basic
68,176

 
66,732

 
68,159

 
66,718

Effect of dilutive securities:
 
 
 
 
 
 
 
Employee restricted share awards

 
29

 
124

 

Weighted average shares outstanding – diluted
68,176

 
66,761

 
68,283

 
66,718

Net (loss) income per common share, basic:
 
 
 
 
 
 
 
Continuing operations
$
(0.04
)
 
$
0.02

 
$
0.39

 
$
(0.01
)
Discontinued operations

 

 

 
1.59

 
$
(0.04
)
 
$
0.02

 
$
0.39

 
$
1.58

Net (loss) income per common share, diluted:

 

 

 

Continuing operations
$
(0.04
)
 
$
0.02

 
$
0.39

 
$
(0.01
)
Discontinued operations

 

 

 
1.59

 
$
(0.04
)
 
$
0.02

 
$
0.39

 
$
1.58