XML 41 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings per Share
 6 Months Ended
Jun. 30, 2014
Earnings per Share  
Earnings per Share

8.Earnings per Share

 

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
June 30,

 

 

 

Six Months Ended
June 30,

 

 

 

 

2014

 

 

 

2013

 

 

 

2014

 

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

 
$
18,273 

 

 

 
$
13,890 

 

 

 
$
35,277 

 

 

 
$
26,841 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less net income allocated to participating securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonforfeitable dividends on participating securities

 

 
(117)

 

 

 
(91)

 

 

 
(220)

 

 

 
(189)

 

Total net income allocated to participating securities

 

 
(117)

 

 

 
(91)

 

 

 
(220)

 

 

 
(189)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less net income allocated to preferred stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 
(818)

 

 

 
(818)

 

 

 
(1,636)

 

 

 
(1,636)

 

Total net income allocated to preferred stockholders

 

 
(818)

 

 

 
(818)

 

 

 
(1,636)

 

 

 
(1,636)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations available to common stockholders

 

 
17,338 

 

 

 
12,981 

 

 

 
33,421 

 

 

 
25,016 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

 

—

 

 

 
27 

 

 

 

—

 

 

 
52 

 

Loss on sale of real estate, net

 

 

—

 

 

 
(1,014)

 

 

 

—

 

 

 
(1,014)

 

Total net loss from discontinued operations

 

 

—

 

 

 
(987)

 

 

 

—

 

 

 
(962)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders

 

 
17,338 

 

 

 
11,994 

 

 

 
33,421 

 

 

 
24,054 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible preferred securities

 

 
818 

 

 

 

—

 

 

 
1,636 

 

 

 

—

 

Net income for diluted net income per share

 

 
$
18,156 

 

 

 
$
11,994 

 

 

 
$
35,057 

 

 

 
$
24,054 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares for basic net income per share

 

 
34,597 

 

 

 
32,913 

 

 

 
34,592 

 

 

 
31,645 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 
24 

 

 

 
33 

 

 

 
25 

 

 

 
34 

 

Convertible preferred securities

 

 
2,000 

 

 

 

—

 

 

 
2,000 

 

 

 

—

 

Shares for diluted net income per share

 

 
36,621 

 

 

 
32,946 

 

 

 
36,617 

 

 

 
31,679 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

 
$
0.50 

 

 

 
$
0.36 

 

 

 
$
0.97 

 

 

 
$
0.76 

 

Diluted net income per share (1)

 

 
$
0.50 

 

 

 
$
0.36 

 

 

 
$
0.96 

 

 

 
$
0.76 

 

 

For the three and six months ended June 30, 2014, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.  For the three and six months ended June 30, 2013, the Series C Cumulative Convertible Preferred Stock and the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.