Note 12 - Net Income Attributable to Controlling Interests Per Common Share

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

12. Net Income Attributable to Controlling Interests Per Common Share

The following table sets forth the computations of net income attributable to controlling interests per share of common stock (in thousands, except per share data): 

	For the Three Months Ended					For the Nine Months Ended
	September 30,					September 30,
	2020			2019		2020			2019
Numerator:
Net income attributable to controlling interests	$	38,855		$	13,077	$	67,445		$	24,034
Preferred stock and preferred unit dividends and accretion		(4,788	)		—		(12,283	)		—
Net income attributable to common shareholders—basic		34,067			13,077		55,162			24,034
Effect of dilutive preferred stock dividends and accretion		604			—		1,797			—
Net income attributable to common shareholders—diluted	$	34,671		$	13,077	$	56,959		$	24,034
Denominator:
Basic (including unvested share-based payment awards) (1)		14,523			14,596		14,462			14,526
Effect of dilutive stock compensation arrangements and exchange of preferred stock		5,625			1,067		5,515			570
Diluted (including unvested share-based payment awards) (1)		20,148			15,663		19,977			15,096
Net income attributable to common shareholders per share—basic	$	2.35		$	0.90	$	3.81		$	1.65
Net income attributable to common shareholders per share—diluted	$	1.72		$	0.83	$	2.85		$	1.59

( 1 ) Shares related to unvested share-based payment awards included in our basic and diluted share counts were 417,483 and 436,414, respectively, for the three and nine months ended September 30, 2020 , compared to 572,998 and 492,636, respectively, for the three and nine months ended September 30, 2019 .

As their effects were anti-dilutive, we excluded stock options to purchase

0.0

million shares, and

0.5

 million shares from our net income attributable to controlling interests per share of common stock calculations for the

three

and

nine

months ended

September 30, 2019, 

respectively. 

No

stock options were excluded from these calculations for either the

three

or

nine

months ended

September 30, 2020.

For the

three

and

nine

months ended

September 30, 2020

and

2019

, there were

no

shares potentially issuable and thus includible in the diluted net income attributable to controlling interests per share of common stock calculations pursuant to our convertible senior notes. However, in future reporting periods during which our closing stock price is above the

$24.61

conversion price for the convertible senior notes, and depending on the closing stock price at conversion, the maximum potential dilution under the conversion provisions of such notes is

1

.4

 million shares, which could be included in diluted share counts in net income per share of common stock calculations. See Note

10

, “Convertible Senior Notes,” for a further discussion of these convertible securities.