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Income (Loss) Per Share
3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
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


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