XML 34 R37.htm IDEA: XBRL DOCUMENT v3.3.0.814
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations
The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data):
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Income (loss) from continuing operations
$
(20,553
)
 
$
7,700

 
$
(92,152
)
 
$
(43,745
)
Income from sales of real estate
26,511

 
27,791

 
66,021

 
61,465

Net (income) loss attributable to noncontrolling interests
706

 
412

 
3,176

 
(367
)
Preferred dividends
(12,830
)
 
(12,830
)
 
(38,490
)
 
(38,490
)
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for basic earnings per common share(1)
$
(6,166
)
 
$
23,073

 
$
(61,445
)
 
$
(21,137
)
Add: Effect of 1.50% senior convertible unsecured notes(2)
—

 
1,124

 
—

 
—

Add: Effect of 3.00% senior convertible unsecured notes(2)
—

 
1,765

 
—

 
—

Add: Effect of Series J convertible perpetual preferred stock
—

 
2,250

 
—

 
—

Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders, HPU holders and Participating Security Holders for diluted earnings per common share(1)
$
(6,166
)
 
$
28,212

 
$
(61,445
)
 
$
(21,137
)

_______________________________________________________________________________
(1)
For the three months ended September 30, 2014, includes income from continuing operations allocable to Participating Security Holders of $2 on a basic and dilutive basis.
(2)
For the three months ended September 30, 2014, includes interest expense, amortization of fees, and other changes in income or loss that would result from the assumed conversion.
Schedule of earnings per share allocable to common shares and HPU shares
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Earnings allocable to common shares:
 
 
 
 
 
 
 
Numerator for basic earnings per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
$
(6,072
)
 
$
22,327

 
$
(59,818
)
 
$
(20,454
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(6,072
)
 
$
22,327

 
$
(59,818
)
 
$
(20,454
)
 
 
 
 
 
 
 
 
Numerator for diluted earnings per share:
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
$
(6,072
)
 
$
27,608

 
$
(59,818
)
 
$
(20,454
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(6,072
)
 
$
27,608

 
$
(59,818
)
 
$
(20,454
)
 
 
 
 
 
 
 
 
Denominator for basic and diluted earnings per share:
 
 
 
 
 
 
 
Weighted average common shares outstanding for basic earnings per common share
85,766

 
85,163

 
85,602

 
84,967

Add: Effect of assumed shares issued under treasury stock method for restricted shares
—

 
505

 
—

 
—

Add: Effect of joint venture shares
—

 
298

 
—

 
—

Add: Effect of 1.50% senior convertible unsecured notes
—

 
11,567

 
—

 
—

Add: Effect of 3.00% senior convertible unsecured notes
—

 
16,992

 
—

 
—

Add: Effect of series J convertible perpetual preferred stock
—

 
15,635

 
—

 
—

Weighted average common shares outstanding for diluted earnings per common share
85,766

 
130,160

 
85,602

 
84,967

 
 
 
 
 
 
 
 
Basic earnings per common share:
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
$
(0.07
)
 
$
0.26

 
$
(0.70
)
 
$
(0.24
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(0.07
)
 
$
0.26

 
$
(0.70
)
 
$
(0.24
)
 
 
 
 
 
 
 
 
Diluted earnings per common share:
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
$
(0.07
)
 
$
0.21

 
$
(0.70
)
 
$
(0.24
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(0.07
)
 
$
0.21

 
$
(0.70
)
 
$
(0.24
)
 
 
 
 
 
 
 
 
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Earnings allocable to High Performance Units (1):
 
 
 
 
 
 
 
Numerator for basic earnings per HPU share:
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders
$
(94
)
 
$
744

 
$
(1,627
)
 
$
(683
)
Net income (loss) attributable to iStar Inc. and allocable to HPU holders
$
(94
)
 
$
744

 
$
(1,627
)
 
$
(683
)
 
 
 
 
 
 
 
 
Numerator for diluted earnings per HPU share:
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders
$
(94
)
 
$
602

 
$
(1,627
)
 
$
(683
)
Net income (loss) attributable to iStar Inc. and allocable to HPU holders
$
(94
)
 
$
602

 
$
(1,627
)
 
$
(683
)
 
 
 
 
 
 
 
 
Denominator for basic and diluted earnings per HPU share:
 
 
 
 
 
 
 
Weighted average High Performance Units outstanding for basic and diluted earnings per share
7

 
15

 
12

 
15

 
 
 
 
 
 
 
 
Basic earnings per HPU share:
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders
$
(13.41
)
 
$
49.60

 
$
(132.19
)
 
$
(45.53
)
Net income (loss) attributable to iStar Inc. and allocable to HPU holders
$
(13.41
)
 
$
49.60

 
$
(132.19
)
 
$
(45.53
)
 
 
 
 
 
 
 
 
Diluted earnings per HPU share:
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to HPU holders
$
(13.41
)
 
$
40.13

 
$
(132.19
)
 
$
(45.53
)
Net income (loss) attributable to iStar Inc. and allocable to HPU holders
$
(13.41
)
 
$
40.13

 
$
(132.19
)
 
$
(45.53
)

_______________________________________________________________________________
(1)
All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015 (refer to Note 12).
Schedule of anti-dilutive shares
For the three and nine months ended September 30, 2015 and 2014, the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)(1)(2):
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Joint venture shares
298

 
—

 
298

 
298

3.00% convertible senior unsecured notes
16,992

 
—

 
16,992

 
16,992

Series J convertible perpetual preferred stock
15,635

 
—

 
15,635

 
15,635

1.50% convertible senior unsecured notes
11,567

 
—

 
11,567

 
11,567


_______________________________________________________________________________
(1)
For the three and nine months ended September 30, 2015 and for the nine months ended September 30, 2014, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.
(2)
For the three months ended September 30, 2014, the effect of 21 unvested performance-based Units were anti-dilutive.