Net Loss Per Share (As Restated)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Net Loss Per Share (As Restated)

Note 22 — Net Loss Per Share (As Restated)

The Company’s unvested restricted stock contains non-forfeitable rights to dividends and are considered to be participating securities in accordance with GAAP and, therefore, are included in the computation of earnings per share under the two-class method. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The unvested restricted stock are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings.

AMERICAN REALTY CAPITAL PROPERTIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2014

(Unaudited)

The following is a summary of the basic and diluted net loss per share computation for the three and six months ended June 30, 2014 and 2013 (dollar amounts in thousands, except for share and per share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net loss attributable to the Company	$	(54,720	)	$	(69,603	)	$	(346,164	)	$	(213,483	)
Less: dividends declared on preferred shares and participating securities		23,291			233			46,723			426
Net loss attributable to common stockholders	$	(78,011	)	$	(69,836	)	$	(392,887	)	$	(213,909	)
Weighted average number of shares of common shares outstanding:
Basic		815,406,408			198,956,355			682,178,587			183,316,963
Net loss per common share:
Basic and diluted net loss per share attributable to common stockholders	$	(0.10	)	$	(0.35	)	$	(0.58	)	$	(1.17	)

As of June 30, 2014, the Company excluded 24,771,215 OP Units outstanding, which are convertible to an equal number of shares of the Company’s common stock, 5,649,968 shares of unvested restricted stock outstanding, 21,735,008 shares of the Company’s Series D Preferred Stock outstanding from the calculation of diluted net loss per share as the effect would have been antidilutive.