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Earnings Per Share
 9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted earnings per share ("EPS") calculations ($ in thousands, except for per share data):
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Income (loss) from continuing operations
$
(14,241
)
 
$
(23,029
)
 
$
7,349

 
$
24,839

Income from sales of real estate
5,409

 
19,313

 
79,353

 
28,267

Net income attributable to noncontrolling interests
(2,028
)
 
160

 
(11,632
)
 
(4,450
)
Preferred dividends
(8,124
)
 
(12,830
)
 
(24,372
)
 
(38,490
)
Preferred dividends declared and payable
—

 
(1,830
)
 
—

 
(1,830
)
Premium in excess of book value on redemption of preferred stock
—

 
(16,314
)
 
—

 
(16,314
)
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders for basic earnings per common share
$
(18,984
)
 
$
(34,530
)
 
$
50,698

 
$
(7,978
)
Add: Effect of Series J convertible perpetual preferred stock
—

 
—

 
6,750

 
—

Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders for diluted earnings per common share
$
(18,984
)
 
$
(34,530
)
 
$
57,448

 
$
(7,978
)


 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Earnings allocable to common shares:
 
 
 
 
 
 
 
Numerator for basic earnings per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
$
(18,984
)
 
$
(34,530
)
 
$
50,698

 
$
(7,978
)
Income from discontinued operations
—

 
—

 
—

 
4,939

Gain from discontinued operations
—

 
—

 
—

 
123,418

Income tax expense from discontinued operations
—

 
—

 
—

 
(4,545
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(18,984
)
 
$
(34,530
)
 
$
50,698

 
$
115,834

 
 
 
 
 
 
 
 
Numerator for diluted earnings per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
$
(18,984
)
 
$
(34,530
)
 
$
57,448

 
$
(7,978
)
Income from discontinued operations
—

 
—

 
—

 
4,939

Gain from discontinued operations
—

 
—

 
—

 
123,418

Income tax expense from discontinued operations
—

 
—

 
—

 
(4,545
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(18,984
)
 
$
(34,530
)
 
$
57,448

 
$
115,834

 
 
 
 
 
 
 
 
Denominator for basic and diluted earnings per share:
 
 
 
 
 
 
 
Weighted average common shares outstanding for basic earnings per common share
67,975

 
71,713

 
67,940

 
71,972

 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Add: Effect of assumed shares issued under treasury stock method for restricted stock units
—

 
—

 
131

 
—

Add: Effect of series J convertible perpetual preferred stock
—

 
—

 
15,658

 
—

Weighted average common shares outstanding for diluted earnings per common share
67,975

 
71,713

 
83,729

 
71,972

 
 
 
 
 
 
 
 
Basic earnings per common share:
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
$
(0.28
)
 
$
(0.48
)
 
$
0.75

 
$
(0.11
)
Income from discontinued operations
—

 
—

 
—

 
0.07

Gain from discontinued operations
—

 
—

 
—

 
1.71

Income tax expense from discontinued operations
—

 
—

 
—

 
(0.06
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(0.28
)
 
$
(0.48
)
 
$
0.75

 
$
1.61

 
 
 
 
 
 
 
 
Diluted earnings per common share:
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
$
(0.28
)
 
$
(0.48
)
 
$
0.69

 
$
(0.11
)
Income from discontinued operations
—

 
—

 
—

 
0.07

Gain from discontinued operations
—

 
—

 
—

 
1.71

Income tax expense from discontinued operations
—

 
—

 
—

 
(0.06
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(0.28
)
 
$
(0.48
)
 
$
0.69

 
$
1.61



The following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)(1):
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Series J convertible perpetual preferred stock
15,703

 
15,635

 
—

 
15,635

Joint venture shares
—

 
298

 
—

 
298

_______________________________________________________________________________
(1)
For the three months ended September 30, 2018 and for the three and nine months ended September 30, 2017, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive due to the Company having a net loss for the period. The Company will settle conversions of the 3.125% Convertible Notes by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the three and nine months ended September 30, 2018 and 2017 and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.