Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2015

Net Income Per Common Share

Schedule of basic and diluted net income per share

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

	For the year ended December 31,
	2015		2014		2013
Income from continuing operations	$	73,081	$	73,399	$	55,405
Less net income allocated to participating securities:
Non-forfeitable dividends on participating securities		(480)		(465)		(381)
Income allocated to participating securities		(4)		(16)		(2)
Total net income allocated to participating securities		(484)		(481)		(383)
Less net income allocated to preferred stockholders:
Preferred stock dividends		(2,454)		(3,273)		(3,273)
Total net income allocated to preferred stockholders		(2,454)		(3,273)		(3,273)
Discontinued operations:
Income from discontinued operations		—		—		805
Gain on sale of assets, net		—		—		1,605
Total net income from discontinued operations		—		—		2,410
Net income available to common stockholders		70,143		69,645		54,159
Effect of dilutive securities:
Convertible preferred securities		2,454		3,273		—
Total effect of dilutive securities		2,454		3,273		—
Net income for diluted net income per share	$	72,597	$	72,918	$	54,159
Shares for basic net income per share		35,590		34,617		33,111
Effect of dilutive securities:
Stock options		13		23		31
Convertible preferred securities		1,726		2,000		—
Total effect of dilutive securities		1,739		2,023		31
Shares for diluted net income per share		37,329		36,640		33,142
Basic net income per share	$	1.97	$	2.01	$	1.64
Diluted net income per share(1)	$	1.94	$	1.99	$	1.63

(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.