Earnings Per Common Share

12 Months Ended

Dec. 31, 2015

Basic earnings per common share is determined by dividing net income, less preferred stock dividends, by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding, assuming all potentially dilutive shares were issued.

We apply the treasury stock method to determine the dilutive weighted average common shares represented by the unvested restricted stock units and ESPP shares. The diluted earnings per share calculation assumes the conversion of 100% of our outstanding Preferred Stock on an as if converted basis. Accordingly, the numerator is also adjusted to include the earnings allocated to the noncontrolling interest after taking into account the tax effect of such exchange.

The following table summarizes the basic and diluted earnings per share calculations (in thousands, except per share amounts):



	Year Ended December 31,
	2015			2014			2013
Numerator - Basic
Income from continuing operations	$	106,110		$	229,312		$	308,195
Less: Net income attributable to noncontrolling interest	(27,000		)	(70,275		)	(95,368		)
Discontinued operations attributable to noncontrolling interest	—			—			10,935
Less: Preferred stock dividends	(2		)	(1		)	—
Income from continuing operations
attributable to common shareholders	79,108			159,036			223,762
Income from discontinued operations attributable to FINV	—			—			31,700
Net income available to common shareholders	$	79,108		$	159,036		$	255,462

Numerator - Diluted
Income from continuing operations
attributable to common shareholders	$	79,108		$	159,036		$	223,762
Add: Net income attributable to noncontrolling interest (1)	24,784			54,866			77,106
Add: Preferred stock dividends	2			1			—
Diluted income from continuing operations
applicable to common shareholders	103,894			213,903			300,868
Income from discontinued operations attributable to FINV	—			—			42,635
Dilutive net income available to common shareholders	$	103,894		$	213,903		$	343,503

Denominator
Basic weighted average common shares	154,662			153,814			132,257
Exchange of noncontrolling interest for common stock (Note 13)	52,976			52,976			52,976
Restricted stock units	1,512			1,038			273
Stock to be issued pursuant to ESPP	2			—			—
Diluted weighted average common shares	209,152			207,828			185,506

Basic earnings per common share:
Continuing operations	$	0.51		$	1.03		$	1.69
Discontinued operations	—			—			0.24
Total	$	0.51		$	1.03		$	1.93

Diluted earnings per common share:
Continuing operations	$	0.50		$	1.03		$	1.62
Discontinued operations	—			—			0.23
Total	$	0.50		$	1.03		$	1.85



(1)	Adjusted for the additional tax expense upon the assumed conversion of the Preferred Stock	$	2,216	$	15,409	$	7,327