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 |
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