Equity (Tables)

9 Months Ended

Sep. 30, 2017

Schedule of dividends declared by the Company (on a per share basis)

The following table presents dividends declared (on a per share basis) during the nine months ended September 30, 2017:

Common Stock			Preferred Stock
				Dividend (1)
Declaration Date	Dividend		Declaration Date	Series A		Series B		Series C
August 2, 2017	$	0.18	August 2, 2017	$	0.515625	$	0.484375	$	0.53125
May 3, 2017	$	0.18	May 3, 2017	$	0.515625	$	0.484375	$	0.53125
March 1, 2017	$	0.17	February 3, 2017	$	0.515625	$	0.484375	$	0.53125

(1)

The dividend declared on August 2, 2017 was for June 1, 2017 through August 31, 2017, the dividend declared on May 3, 2017 was for March 1, 2017 through May 31, 2017 and the dividend declared on February 3, 2017 was for December 1, 2016 through February 28, 2017.

Schedule of reconciliation of the numerator and denominator of the basic and diluted EPS computations

	Three Months Ended September 30, 2017				Three Months Ended September 30, 2016
	Basic		Diluted		Basic		Diluted

Net income attributable to common stockholders (1)	$	16,420,958	$	16,420,958	$	10,888,172	$	10,888,172
Net income attributable to noncontrolling interest (2)	—		5,661,184		—		3,649,432

Net income attributable to common stockholders and nocontrolling interest	$	16,420,958	$	22,082,142	$	10,888,172	$	14,537,604


Weighted average shares outstanding	61,582,796		61,582,796		51,390,467		51,390,467
Dilutive effect of OP Units (2)	—		21,230,769		—		18,230,769
Dilutive effect of restricted stock units (3)	—		1,104,552		—		650,560

Weighted average shares outstanding	61,582,796		83,918,117		51,390,467		70,271,796


Net income per common share (1)	$	0.27	$	0.26	$	0.21	$	0.21

	Nine Months Ended September 30, 2017				Nine Months Ended September 30, 2016
	Basic		Diluted		Basic		Diluted

Net income attributable to common stockholders (1)	$	43,964,070	$	43,964,070	$	22,261,516	$	22,261,516
Net income attributable to noncontrolling interest (2)	—		16,596,415		—		—

Net income attributable to common stockholders and nocontrolling interest	$	43,964,070	$	60,560,485	$	22,261,516	$	22,261,516


Weighted average shares outstanding	56,602,504		56,602,504		51,272,795		51,272,795
Dilutive effect of OP Units (2)	—		21,230,769		—		—
Dilutive effect of restricted stock units (3)	—		1,077,178		—		354,755
Dilutive effect of convertible senior unsecurred notes (4)	—		32,468		—		—

Weighted average shares outstanding	56,602,504		78,942,919		51,272,795		51,627,550


Net income per common share (1)	$	0.78	$	0.77	$	0.43	$	0.43

(1)

Net of preferred stock dividends.

(2)

We consider OP Units to be common stock equivalents as the holder has voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election. For the nine months ended September 30, 2016, the OP Units were considered anti-dilutive and excluded from diluted EPS.

(3)

Mr. Kaufman was granted restricted stock units in 2017, 2016 and 2015 which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives.

(4)

The convertible senior unsecured notes impact diluted earnings per share if the average price of our common stock exceeds the conversion price, as calculated in accordance with the terms of the indenture.