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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues:        
Operating lease income $ 44,609 $ 47,002 $ 90,407 $ 94,349
Interest income 25,212 28,645 51,909 57,703
Other income 20,823 139,510 36,142 151,374
Land development revenue 80,927 132,710 357,356 152,760
Total revenues 171,571 347,867 535,814 456,186
Costs and expenses:        
Interest expense 43,172 48,807 88,353 99,952
Real estate expense 37,043 34,684 73,224 70,274
Land development cost of sales 83,361 122,466 306,768 138,376
Depreciation and amortization 10,767 13,171 21,878 25,451
General and administrative [1] 23,228 27,218 52,041 52,392
Provision for (recovery of) loan losses 18,892 (600) 18,037 (5,528)
Impairment of assets 6,088 10,284 10,188 14,696
Other expense 3,716 16,276 4,882 18,145
Total costs and expenses 226,267 272,306 575,371 413,758
Income (loss) before earnings from equity method investments and other items (54,696) 75,561 (39,557) 42,428
Loss on early extinguishment of debt, net (2,164) (3,315) (2,536) (3,525)
Earnings (losses) from equity method investments (7,278) 5,515 (3,946) 11,217
Gain on consolidation of equity method investment 67,877 0 67,877 0
Income from continuing operations before income taxes 3,739 77,761 21,838 50,120
Income tax expense (128) (1,644) (249) (2,251)
Income from continuing operations 3,611 76,117 21,589 47,869
Income from discontinued operations 0 173 0 4,939
Gain from discontinued operations 0 123,418 0 123,418
Income tax expense from discontinued operations 0 (4,545) 0 (4,545)
Income from sales of real estate [2] 56,895 844 73,943 8,954
Net income 60,506 196,007 95,532 180,635
Net income attributable to noncontrolling interests (9,509) (5,710) (9,604) (4,610)
Net income attributable to iStar Inc. 50,997 190,297 85,928 176,025
Preferred dividends (8,124) (12,830) (16,248) (25,660)
Net income allocable to common shareholders $ 42,873 $ 177,467 $ 69,680 $ 150,365
Income attributable to iStar Inc. from continuing operations:        
Basic (in dollars per share) $ 0.63 $ 0.81 $ 1.03 $ 0.37
Diluted (in dollars per share) 0.54 0.69 0.89 0.35
Net income attributable to iStar Inc.:        
Basic (in dollars per share) 0.63 2.46 1.03 2.09
Diluted (in dollars per share) $ 0.54 $ 2.04 $ 0.89 $ 1.76
Weighted average number of common shares:        
Basic (in shares) 67,932 72,142 67,922 72,104
Weighted average common shares outstanding for diluted earnings per common share 83,694 88,195 83,682 88,156
Equity-based compensation $ 3,503 $ 3,915 $ 12,593 $ 9,796
All Performance Incentive Plans        
Weighted average number of common shares:        
Equity-based compensation $ 2,200 $ 2,900 $ 10,200 $ 7,900
[1] For the three months ended June 30, 2018 and 2017, includes $2.2 million and $2.9 million, respectively, of equity-based compensation associated with iPIP Plans (refer to Note 14). For the six months ended June 30, 2018 and 2017, includes $10.2 million and $7.9 million, respectively, of equity-based compensation associated with iPIP Plans (refer to Note 14). These plans are liability-based plans which are marked-to-market quarterly and such marks are based upon the performance of the assets underlying the plans as of the quarterly measurement dates; however, actual amounts cannot be determined until the end date of the plans and the ultimate repayment or monetization of the related assets.
[2] Income from sales of real estate represents gains from sales of real estate that do not qualify as discontinued operations