Annual report pursuant to Section 13 and 15(d)

Earnings Per Common Share

v2.4.1.9
Earnings Per Common Share
12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings per Common Share
NOTE 10: 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 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 dilutive earnings per share calculation also considers operating partnership units for the years ended December 31, 2013 and 2012 under the if-converted method. We had no operating partnership units as of December 31, 2014. We had a loss from continuing operations for the year ended December 31, 2013 and therefore diluted earnings per share is calculated in the same manner as basic earnings per share for that year.

The computation of basic and diluted earnings per share for the three years ended December 31, 2014 was as follows (in thousands; except per share data):
 
Year Ended December 31,
 
2014
 
2013
 
2012
Numerator:
 
 
 
 
 
Income (loss) from continuing operations
$
5,070

 
$
(193
)
 
$
7,768

Allocation of undistributed earnings to unvested restricted share awards and units to continuing operations
5

 

 
(191
)
Adjusted income (loss) from continuing operations attributable to the controlling interests
5,075

 
(193
)
 
7,577

Income from discontinued operations, including gain on sale of real estate, net of taxes
106,531

 
37,539

 
15,940

Net income attributable to noncontrolling interests
38

 

 

Allocation of undistributed earnings to unvested restricted share awards and units to discontinued operations
(322
)
 
(415
)
 
(391
)
Adjusted income from discontinued operations attributable to the controlling interests
106,247

 
37,124

 
15,549

Adjusted net income attributable to the controlling interests
$
111,322

 
$
36,931

 
$
23,126

Denominator:
 
 
 
 
 
Weighted average shares outstanding – basic
66,795

 
66,580

 
66,239

Effect of dilutive securities:
 
 
 
 
 
Employee stock options and restricted share awards
42

 

 
137

Weighted average shares outstanding – diluted
66,837

 
66,580

 
66,376

 
 
 
 
 
 
Earnings per common share, basic:
 
 
 
 
 
Continuing operations
$
0.08

 
$

 
$
0.11

Discontinued operations
1.59

 
0.55

 
0.24

 
$
1.67

 
$
0.55

 
$
0.35

Earnings per common share, diluted:
 
 
 
 
 
Continuing operations
$
0.08

 
$

 
$
0.11

Discontinued operations
1.59

 
0.55

 
0.24

 
$
1.67

 
$
0.55

 
$
0.35