Earnings Per Share

3 Months Ended

Mar. 31, 2016

The Company calculates basic net income per Class A common share based on the weighted average number of Class A common shares outstanding (inclusive of vested restricted share units). The unvested restricted share units have the non-forfeitable right to participate in dividends declared and paid on the Company’s common stock on an as vested basis and are therefore considered a participating security. The Company calculates basic earnings per share using the “two-class” method, and for the three months ended March 31, 2015, the loss from continuing operations available to common stockholders was not allocated to the unvested restricted stock units as those holders do not have a contractual obligation to share in net losses.

Diluted net income per Class A common shares for the period includes the effect of potential equity of Siena, Reliance, and Operating Company as well as potential Class A common stock, if dilutive. For the three months ended March 31, 2015, the assumed exercise of all dilutive instruments were anti-dilutive, and therefore, were not included in the diluted net income per Class A common share calculation.

The following table presents a reconciliation of basic and diluted net income per common share for the following periods:



	Three Months Ended March 31,
	2016		2015
Net income (loss) from continuing operations	$	7,414	$	(4,364	)
Less:
Net income (loss) from continuing operations attributable to non-controlling interests⁽¹⁾	1,859		(1,739		)
Net income from continuing operations allocated to participating securities	34		—
Net income (loss) from continuing operations available to Class A common shares	5,521		(2,625		)

Discontinued operations, net	—		2,345
Less:
Net income from discontinued operations attributable to non-controlling interests⁽¹⁾	—		699
Net income from discontinued operations available to Class A common shares	—		1,646

Net income (loss) available to Class A common shares - basic	$	5,521	$	(979	)

Basic:
Income (loss) from continuing operations	$	0.16	$	(0.08	)
Income from discontinued operations	—		0.05
Net income available to Class A common shares	0.16		(0.03		)

Diluted:
Income (loss) from continuing operations	0.16		(0.08		)
Income from discontinued operations	—		0.05
Net income (loss) available to Class A common shares	$	0.16	$	(0.03	)

Weighted average Class A common shares outstanding:
Basic	34,976,485		32,138,455
Diluted	35,084,505		32,138,455

(1) For the three months ended March 31, 2016, the total net income (loss) attributable to non-controlling interest was $1,859, comprised of $1,859 due to continuing operations and $0 attributable to discontinued operations. For the three months ended March 31, 2015, the total net income attributable to non-controlling interest was $(1,040), comprised of $(1,739) due to continuing operations and $699 attributable to discontinued operations.