Quarterly report pursuant to Section 13 or 15(d)

Earnings per Common Share

v3.3.0.814
Earnings per Common Share
9 Months Ended
Sep. 30, 2015
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 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.

The computations of basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014 were as follows (in thousands, except per share data):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Numerator:
 
 
 
 
 
 
 
Income from continuing operations
$
580

 
$
3,658

 
$
27,092

 
$
2,761

Net loss attributable to noncontrolling interests
67

 
10

 
515

 
17

Allocation of earnings to unvested restricted share awards
(47
)
 
(44
)
 
(184
)
 
11

Adjusted income from continuing operations attributable to the controlling interests
600

 
3,624

 
27,423

 
2,789

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

 

 

 
106,531

Allocation of earnings to unvested restricted share awards

 

 

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

 

 

 
106,196

Adjusted net income attributable to the controlling interests
$
600

 
$
3,624

 
$
27,423

 
$
108,985

Denominator:
 
 
 
 

 

Weighted average shares outstanding – basic
68,186

 
66,738

 
68,168

 
66,725

Effect of dilutive securities:
 
 
 
 
 
 
 
Employee restricted share awards
119

 
52

 
122

 
35

Weighted average shares outstanding – diluted
68,305

 
66,790

 
68,290

 
66,760

Net income per common share, basic:
 
 
 
 
 
 
 
Continuing operations
$
0.01

 
$
0.05

 
$
0.40

 
$
0.04

Discontinued operations

 

 

 
1.59

 
$
0.01

 
$
0.05

 
$
0.40

 
$
1.63

Net income per common share, diluted:

 

 

 

Continuing operations
$
0.01

 
$
0.05

 
$
0.40

 
$
0.04

Discontinued operations

 

 

 
1.59

 
$
0.01

 
$
0.05

 
$
0.40

 
$
1.63