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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings Per Common Share

Basic earnings per common share is determined by dividing net income, less preferred stock dividends, by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding, assuming all potentially dilutive shares were issued.
    
We apply the treasury stock method to determine the dilutive weighted average common shares represented by the unvested restricted stock units and employee stock purchase plan shares. The diluted earnings per share calculation assumes the conversion of 100% of our outstanding Preferred Stock on an as if converted basis. Accordingly, the numerator is also adjusted to include the earnings allocated to the noncontrolling interest after taking into account the tax effect of such exchange.

The following table summarizes the basic and diluted earnings per share calculations (in thousands, except per share amounts):
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
Numerator - Basic
 
 
 
 
 
 
 
Income from continuing operations
$
24,088

 
$
67,440

 
$
99,342

 
$
177,851

Less: Net income attributable to noncontrolling interest
(7,523
)
 
(20,094
)
 
(27,668
)
 
(53,426
)
Less: Preferred stock dividends
—

 
—

 
(2
)
 
(1
)
Net income available to common shareholders
$
16,565

 
$
47,346

 
$
71,672

 
$
124,424

 
 
 
 
 
 
 
 
Numerator - Diluted
 
 
 
 
 
 
 
Income from continuing operations attributable to common shareholders
$
16,565

 
$
47,346

 
$
71,672

 
$
124,424

Add: Net income attributable to noncontrolling interest (1)
5,911

 
16,335

 
23,513

 
42,671

Add: Preferred stock dividends
—

 
—

 
2

 
1

Dilutive net income available to common shareholders
$
22,476

 
$
63,681

 
$
95,187

 
$
167,096

 
 
 
 
 
 
 
 
Denominator
 
 
 
 
 
 
 
Basic weighted average common shares
154,813

 
153,923

 
154,502

 
153,659

Exchange of noncontrolling interest for common stock (Note 11)
52,976

 
52,976

 
52,976

 
52,976

Restricted stock units
1,559

 
1,035

 
1,573

 
1,116

Stock to be issued pursuant to employee stock purchase plan
1

 
—

 
1

 
—

Diluted weighted average common shares
209,349

 
207,934

 
209,052

 
207,751

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
0.11

 
$
0.31

 
$
0.46

 
$
0.81

Diluted
$
0.11

 
$
0.31

 
$
0.46

 
$
0.80

 
 
 
 
 
 
 
 
 
(1)
Adjusted for the additional tax expense upon the assumed conversion of the Preferred Stock
$
1,612

 
$
3,759

 
$
4,155

 
$
10,755