Earnings per Common Share

3 Months Ended

Mar. 31, 2016

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 diluted earnings per share calculation includes the dilutive impact of 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 months ended March 31, 2016 and 2015 were as follows (in thousands, except per share data):



	Three Months Ended March 31,
	2016			2015
Numerator:
Net income	$	2,379		$	29,398
Net loss attributable to noncontrolling interests in subsidiaries	5			108
Allocation of earnings to unvested restricted share awards	(90		)	(108		)
Adjusted net income attributable to the controlling interests	$	2,294		$	29,398
Denominator:
Weighted average shares outstanding – basic	68,301			68,141
Effect of dilutive securities:
Employee restricted share awards	187			50
Weighted average shares outstanding – diluted	68,488			68,191

Basic net income attributable to the controlling interests per common share	$	0.03		$	0.43
Diluted net income attributable to the controlling interests per common share	$	0.03		$	0.43