Earnings Per Share

12 Months Ended

Dec. 31, 2016

There are no adjustments to “Net income applicable to Piedmont” or “Income from continuing operations” for the diluted earnings per share computations. Adjustments to the carrying amount of non-controlling interest as a result of the measurement of a redeemable equity participation do not impact net income or comprehensive income; rather such adjustments are treated as the repurchase of a non-controlling interest.

Net income per share-basic is calculated as net income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income per share-diluted is calculated as net income available to common stockholders divided by the diluted weighted average number of common shares outstanding during the period, including unvested deferred stock awards. Diluted weighted average number of common shares reflects the potential dilution under the treasury stock method that would occur if the remaining unvested deferred stock awards vested and resulted in additional common shares outstanding. Unvested deferred stock awards which are determined to be anti-dilutive are not included in the calculation of diluted weighted average common shares.

The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of operations for the years ended December 31, 2016, 2015, and 2014, as well as common stock issued and outstanding as of the end of the respective periods (in thousands):



	2016	2015	2014
Weighted-average common shares—basic	145,230	150,538	154,452
Plus incremental weighted-average shares from time-vested conversions:
Deferred and performance stock awards	405	342	133
Weighted-average common shares—diluted	145,635	150,880	154,585

Common stock issued and outstanding as of period end	145,235	145,512	154,324