XML 28 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Earnings Per Share
6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share

 

Note 10. Earnings Per Share

Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such shares have non-forfeitable rights to receive dividends). Unvested restricted shares are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For the three months ended June 30, 2016 and 2015, the Company had 3.7 million and 3.5 million, respectively, of weighted average unvested restricted shares outstanding.  For the six months ended June 30, 2016 and 2015, the Company had 3.6 million and 3.6 million, respectively, of weighted average unvested restricted shares outstanding. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and six months ended June 30, 2016 and 2015, respectively:

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

4,795,000

 

 

$

5,416,000

 

 

$

6,371,000

 

 

$

8,650,000

 

Preferred stock dividends

 

 

(3,602,000

)

 

 

(3,602,000

)

 

 

(7,204,000

)

 

 

(7,204,000

)

Net loss attributable to noncontrolling interests

 

 

93,000

 

 

 

101,000

 

 

 

180,000

 

 

 

182,000

 

Net earnings allocated to unvested shares

 

 

(183,000

)

 

 

(181,000

)

 

 

(350,000

)

 

 

(358,000

)

Income (loss) from continuing operations attributable to vested common shares

 

 

1,103,000

 

 

 

1,734,000

 

 

 

(1,003,000

)

 

 

1,270,000

 

Income from discontinued operations, net of noncontrolling interests, attributable to vested common shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

164,000

 

Net income (loss) attributable to vested common shares outstanding

 

$

1,103,000

 

 

$

1,734,000

 

 

$

(1,003,000

)

 

$

1,434,000

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of vested common shares outstanding

 

 

81,677,000

 

 

 

81,488,000

 

 

 

81,667,000

 

 

 

81,103,000

 

Earnings per vested common share, basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.01

 

 

$

0.02

 

 

$

(0.01

)

 

$

0.02

 

Discontinued operations

 

 

0.00

 

 

 

0.00

 

 

 

0.00

 

 

 

0.00

 

 

 

$

0.01

 

 

$

0.02

 

 

$

(0.01

)

 

$

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. The net loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no effect had such amounts been included. The weighted average number of OP Units outstanding were 352,000 and 393,000 for the three months ended June 30, 2016 and 2015, respectively, and 352,000 and 393,000 for the six months ended June 30, 2016 and 2015, respectively.