Income (Loss) Per Share |
Income (Loss) Per Share Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): | | | | | | | | | | Three Months Ended March 31, | | 2016 | | 2015 | Income (loss) allocated to common stockholders: | | | | Income (loss) attributable to the Company | $ | (9,989 | ) | | $ | 321,496 |
| Less: Dividends on preferred stock | (8,490 | ) | | (8,490 | ) | Less: Dividends on common stock | (11,333 | ) | | (11,964 | ) | Less: Dividends on unvested performance stock units | (40 | ) | | — |
| Less: Dividends on unvested restricted shares | (148 | ) | | (165 | ) | Less: Undistributed income allocated to unvested shares | — |
| | (2,035 | ) | Undistributed income (loss) | (30,000 | ) | | 298,842 |
| Add back: Dividends on common stock | 11,333 |
| | 11,964 |
| Distributed and undistributed income (loss) - basic | $ | (18,667 | ) | | $ | 310,806 |
| Add back: Income allocated to operating partnership units | — |
| | 45,336 |
| Distributed and undistributed net income (loss) - diluted | $ | (18,667 | ) | | $ | 356,142 |
| | | | | Weighted average shares outstanding: | | | | Weighted average common shares outstanding - basic | 94,136 |
| | 95,539 |
| Effect of assumed conversion of operating partnership units | — |
| | 18,373 |
| Weighted average shares outstanding - diluted | 94,136 |
| | 113,912 |
| | | | | Basic income (loss) per share: | | | | Net income (loss) allocated to common stockholders per share | $ | (0.20 | ) | | $ | 3.25 |
| | | | | Diluted income (loss) per share: | | | | Net income (loss) allocated to common stockholders per share | $ | (0.20 | ) | | $ | 3.13 |
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Due to the anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): | | | | | | | | | | Three Months Ended March 31, | | 2016 | | 2015 | Income (loss) allocated to common stockholders is not adjusted for: | | | | Income allocated to unvested restricted shares | $ | 148 |
| | $ | 2,200 |
| Income allocated to unvested performance stock units | 40 |
| | — |
| Loss attributable to noncontrolling interest in operating partnership units | (2,112 | ) | | — |
| Total | $ | (1,924 | ) | | $ | 2,200 |
| | | | | Weighted average diluted shares are not adjusted for: | | | | Effect of unvested restricted shares | 127 |
| | 432 |
| Effect of assumed conversion of operating partnership units | 19,043 |
| | — |
| Total | 19,170 |
| | 432 |
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