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Earnings Per Share
 3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

The Company calculates basic earnings per share by dividing the net income available to common stockholders for the period by the weighted average number of common shares outstanding during the period. The Company calculates diluted earnings per share by dividing the net income available to common stockholders for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. Unvested time-based RSUs and unvested OPP awards that contain nonforfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The following table reconciles the numerator and denominator in computing the Company’s basic and diluted per share computations for net income available to common stockholders:
 
Three months ended
 
March 31, 2016
 
March 31, 2015
Numerator:
 
 
 
Net income
$
5,976

 
$
24,574

Preferred dividends
(159
)
 
(3,195
)
Income attributable to participating securities
(197
)
 
(70
)
Income attributable to non-controlling interest in consolidated entities
(1,945
)
 
(1,502
)
Income attributable to non-controlling units of the operating partnership
(1,422
)
 
(596
)
Numerator for basic and diluted net income available to common stockholders
$
2,253

 
$
19,211

Denominator:
 
 
 
Basic weighted average vested units outstanding
89,190,803

 
76,783,351

Effect of dilutive instruments(1)
407,000

 
547,000

Diluted weighted average vested units and common unit equivalents outstanding
89,597,803

 
77,330,351

Basic earnings per common share:
$
0.03

 
$
0.25

Diluted earnings per common share:
$
0.03

 
$
0.25

________________
(1)
We include unvested awards as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period.  Any anti-dilutive securities are excluded from the diluted EPS calculation. Shares related to our 2015 OPP, 2016 OPP and performance based one-time retention grants were excluded from the calculation of dilutive net income per common share for March 31, 2016 because they are not currently expected to be earned. Shares related to our 2015 OPP were excluded from the calculation of dilutive net income per common share for March 31, 2015 since they were not expected to be earned.