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Income (Loss) Per Share
6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Income (Loss) Per Share
Income (Loss) 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 June 30,
 
Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
Net income (loss) attributable to common stockholders - basic and diluted:
 
 
 
 
 
 
 
Net income (loss) attributable to the Company
$
11,530

 
$
(885
)
 
$
15,550

 
$
(898
)
Less: Dividends on preferred stock
(1,708
)
 
(1,707
)
 
(3,415
)
 
(3,380
)
Less: Dividends on common stock
(5,122
)
 
(5,036
)
 
(10,238
)
 
(10,069
)
Less: Dividends on unvested performance stock units
(72
)
 
(86
)
 
(144
)
 
(153
)
Less: Dividends on unvested restricted shares
(78
)
 
(75
)
 
(165
)
 
(125
)
Less: Net (income) loss allocated to unvested restricted shares
(70
)
 

 
(24
)
 

Undistributed net income (loss) allocated to common stockholders
4,480

 
(7,789
)
 
1,564

 
(14,625
)
Add back: Dividends on common stock
5,122

 
5,036

 
10,238

 
10,069

Distributed and undistributed net income (loss) - basic
$
9,602

 
$
(2,753
)
 
$
11,802

 
$
(4,556
)
Dividends on preferred stock
1,708

 

 

 

Distributed and undistributed net income (loss) - diluted
$
11,310

 
$
(2,753
)
 
$
11,802

 
$
(4,556
)
 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
32,006

 
31,469

 
31,845

 
29,380

Effect of assumed conversion of preferred stock
6,569

 

 

 

Incentive fee shares
13

 

 
8

 

Weighted average common shares outstanding – diluted
38,588

 
31,469

 
31,853

 
29,380

 
 
 
 
 
 
 
 
Income (loss) per share - basic:
 
 
 
 
 
 
 
Net income (loss) allocated to common stockholders per share
$
0.30

 
$
(0.09
)
 
$
0.37

 
$
(0.16
)
Income (loss) per share - diluted:
 
 
 
 
 
 
 
Net income (loss) allocated to common stockholders per share
$
0.29

 
$
(0.09
)
 
$
0.37

 
$
(0.16
)

Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
Net income (loss) allocated to common stockholders is not adjusted for:
 
 
 
 
 
 
 
Income (loss) allocated to unvested restricted shares
$
148

 
$
75

 
$
189

 
$
125

Income (loss) allocated to unvested performance stock units
72

 
86

 
144

 
153

Income (loss) attributable to redeemable noncontrolling interests in operating partnership
1,235

 
(343
)
 
1,527

 
(598
)
Dividends on preferred stock

 
1,707

 
3,415

 
3,380

Total
$
1,455

 
$
1,525

 
$
5,275

 
$
3,060

Weighted average diluted shares are not adjusted for:
 
 
 
 
 
 
 
Effect of unvested restricted shares
41

 
113

 
45

 
82

Effect of unvested performance stock units

 

 
8

 

Effect of assumed conversion of operating partnership units
4,114

 
4,290

 
4,119

 
4,256

Effect of assumed conversion of preferred stock

 
6,560

 
6,569

 
5,555

Effect of incentive fee shares

 
124

 

 
153

Total
4,155

 
11,087

 
10,741

 
10,046