| 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 |
|
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