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Net Income Per Common Share (Tables)
12 Months Ended
Dec. 31, 2014
Net Income Per Common Share  
Schedule of basic and diluted net income per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 

 


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.