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Earnings per Share | 12 Months Ended
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Dec. 31, 2018
Earnings Per Share [Abstract] |
Earnings per Share | Earnings per Share The following table provides the basic and diluted earnings per common share computations:
|  | Year Ended December 31,
(In thousands, except per share data) |  | 2018 |  | 2017 |  | 2016
Net income (loss) allocated to common stockholders |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | (495,073 | ) |  | $ | (78,168 | ) |  | $ | 290,726 |
Income (loss) from discontinued operations |  | (102 | ) |  | 13,555 |  |  | — |
Net income (loss) |  | (495,175 | ) |  | (64,613 | ) |  | 290,726 |
Net (income) loss attributable to noncontrolling interests: |  |  |  |  |  |
Redeemable noncontrolling interests |  | 3,708 |  |  | (23,543 | ) |  | — |
Investment entities |  | (67,994 | ) |  | (129,996 | ) |  | (163,084 | )
Operating Company |  | 39,854 |  |  | 20,261 |  |  | (12,324 | )
Net income (loss) attributable to Colony Capital, Inc. |  | (519,607 | ) |  | (197,891 | ) |  | 115,318 |
Preferred stock redemption |  | 3,995 |  |  | (4,530 | ) |  | — |
Preferred dividends |  | (117,097 | ) |  | (130,672 | ) |  | (48,159 | )
Net income (loss) attributable to common stockholders |  | (632,709 | ) |  | (333,093 | ) |  | 67,159 |
Net income allocated to participating securities |  | (2,504 | ) |  | (9,168 | ) |  | (2,293 | )
Net income (loss) allocated to common stockholders—basic |  | (635,213 | ) |  | (342,261 | ) |  | 64,866 |
Interest expense attributable to convertible notes (1) |  | — |  |  | — |  |  | — |
Net income (loss) allocated to common stockholders—diluted |  | $ | (635,213 | ) |  | $ | (342,261 | ) |  | $ | 64,866 |
Weighted average common shares outstanding (2) |  |  |  |  |  |
Weighted average number of common shares outstanding—basic |  | 496,993 |  |  | 532,600 |  |  | 164,570 |
Weighted average effect of dilutive shares (1)(3)(4) |  | — |  |  | — |  |  | — |
Weighted average number of common shares outstanding—diluted |  | 496,993 |  |  | 532,600 |  |  | 164,570 |
Basic earnings (loss) per share |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | (1.28 | ) |  | $ | (0.66 | ) |  | $ | 0.39 |
Income from discontinued operations |  | — |  |  | 0.02 |  |  | — |
Net income (loss) attributable to common stockholders per basic common share |  | $ | (1.28 | ) |  | $ | (0.64 | ) |  | $ | 0.39 |
Diluted earnings (loss) per share |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | (1.28 | ) |  | $ | (0.66 | ) |  | $ | 0.39 |
Income from discontinued operations |  | — |  |  | 0.02 |  |  | — |
Net income (loss) attributable to common stockholders per diluted common share |  | $ | (1.28 | ) |  | $ | (0.64 | ) |  | $ | 0.39 |
__________
(1) | For the years ended December 31, 2018, 2017 and 2016, excluded from the calculation of diluted earnings per share is the effect of adding back $28.6 million, $28.9 million and $27.3 million of interest expense, respectively, and 38,112,100, 38,564,400 and 36,582,700 weighted average dilutive common share equivalents, respectively, for the assumed conversion or exchange of the Company's outstanding convertible and exchangeable notes, as applicable, as their inclusion would be antidilutive.
(2) | As a result of the Merger, each outstanding share of common stock of Colony was exchanged for 1.4663 of newly issued common shares of the Company. Accordingly, the historical share counts used to calculate the weighted average number of shares post-Merger reflect the exchange ratio of 1.4663 applied to shares outstanding prior to the Closing Date.
(3) | The calculation of diluted earnings per share excludes the effect of weighted average unvested non-participating restricted shares of 571,500, 534,100 and 0 for the years ended December 31, 2018, 2017 and 2016, as well as the weighted average shares of class A common stock that are contingently issuable in relation to PSUs (Note 21) of 532,900 for the year ended December 31, 2018, as the effect would be antidilutive.
(4) | OP Units, subject to lock-up agreements, may be redeemed for registered or unregistered class A common shares on a one-for-one basis. At December 31, 2018, 2017 and 2016, there were 31,358,500, 32,282,500 and 30,296,100 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented.

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