XML 63 R22.htm IDEA: XBRL DOCUMENT v2.4.1.9
Earnings Per Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

EPS is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. HPU holders are current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit (HPU) Program. These HPU units are treated as a separate class of common stock.
The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted earnings per share calculations ($ in thousands, except for per share data):
 
For the Three Months Ended March 31,
 
2015
 
2014
Income (loss) from continuing operations
$
(33,469
)
 
$
(30,671
)
Income from sales of real estate
21,156

 
16,494

Net (income) loss attributable to noncontrolling interests
1,841

 
(454
)
Preferred dividends
(12,830
)
 
(12,830
)
Income (loss) from continuing operations attributable to iStar Financial Inc. and allocable to common shareholders, HPU holders and Participating Security Holders
$
(23,302
)
 
$
(27,461
)

 
For the Three Months Ended March 31,
 
2015
 
2014
Earnings allocable to common shares:
 
 
 
Numerator for basic and diluted earnings per share:
 
 
 
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders
$
(22,553
)
 
$
(26,572
)
Denominator for basic and diluted earnings per share:
 
 
 
Weighted average common shares outstanding for basic and diluted earnings per common share
85,497

 
84,819

Basic and diluted earnings per common share:
 
 
 
Net income (loss) attributable to iStar Financial Inc. and allocable to common shareholders
$
(0.26
)
 
$
(0.31
)
 
 
 
 
Earnings allocable to High Performance Units:
 
 
 
Numerator for basic and diluted earnings per HPU share:
 
 
 
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders
$
(749
)
 
$
(889
)
Denominator for basic and diluted earnings per HPU share:
 
 
 
Weighted average High Performance Units outstanding for basic and diluted earnings per share
15

 
15

Basic and diluted earnings per HPU share:
 
 
 
Net income (loss) attributable to iStar Financial Inc. and allocable to HPU holders
$
(49.93
)
 
$
(59.27
)


For the three months ended March 31, 2015 and 2014, the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)(1):
 
For the Three Months Ended March 31,
 
2015
 
2014
Joint venture shares
298

 
298

3.00% convertible senior unsecured notes
16,992

 
16,992

Series J convertible perpetual preferred stock
15,635

 
15,635

1.50% convertible senior unsecured notes
11,567

 
11,567



Explanatory Note:
_______________________________________________________________________________

(1)
For the three months ended March 31, 2015 and 2014, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.