Net Income Per Common Share

12 Months Ended

Dec. 31, 2014

Net Income Per Common Share

Net Income Per Common Share

13. Net Income Per Common Share

Basic and diluted net income per share was as follows (in thousands except per share amounts):

	For the year ended December 31,
	2014		2013		2012
Income from continuing operations	$	73,399	$	55,405	$	50,306
Less net income allocated to non-controlling interests		—		—		(37)
Less net income allocated to participating securities:
Non-forfeitable dividends on participating securities		(465)		(381)		(377)
Income allocated to participating securities		(16)		(2)		—
Total net income allocated to participating securities		(481)		(383)		(377)
Less net income allocated to preferred stockholders:
Preferred stock dividends		(3,273)		(3,273)		(3,273)
Total net income allocated to preferred stockholders		(3,273)		(3,273)		(3,273)
Income from continuing operations available to common stockholders		69,645		51,749		46,619
Discontinued operations:
Income from discontinued operations		—		805		1,005
Gain on sale of assets, net		—		1,605		16
Total net income from discontinued operations		—		2,410		1,021
Net income available to common stockholders		69,645		54,159		47,640
Effect of dilutive securities:
Convertible preferred securities		3,273		—		—
Total effect of dilutive securities		3,273		—		—
Net income for diluted net income per share	$	72,918	$	54,159	$	47,640
Shares for basic net income per share		34,617		33,111		30,238
Effect of dilutive securities:
Stock options		23		31		40
Convertible preferred securities		2,000		—		—
Total effect of dilutive securities		2,023		31		40
Shares for diluted net income per share		36,640		33,142		30,278
Basic net income per share	$	2.01	$	1.64	$	1.58
Diluted net income per share(1)	$	1.99	$	1.63	$	1.57

⁽¹⁾ For the year ended December 31, 2013, the Series C Cumulative Convertible Preferred Stock was excluded from the computation of diluted net income per share as such inclusion would be anti‑dilutive. For the year ended December 31, 2012, the Series C Cumulative Convertible Preferred Stock and the convertible non‑controlling interests have been excluded from the computation of diluted net income per share as such inclusion would be anti‑dilutive.