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

Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. HPU holders were current and former Company employees who purchased high performance common stock units under the Company's High Performance Unit Program. These HPU units were treated as a separate class of common stock. All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015.
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 March 31,
 
2016
 
2015
Income (loss) from continuing operations
$
(19,757
)
 
$
(33,469
)
Income from sales of real estate
10,458

 
21,156

Net (income) loss attributable to noncontrolling interests
942

 
1,841

Preferred dividends
(12,830
)
 
(12,830
)
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
$
(21,187
)
 
$
(23,302
)


 
For the Three Months Ended March 31,
 
2016
 
2015
Earnings allocable to common shares:
 
 
 
Numerator for basic and diluted earnings per share:
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
$
(21,187
)
 
$
(22,553
)
Denominator for basic and diluted earnings per share:
 
 
 
Weighted average common shares outstanding for basic and diluted earnings per common share
77,060

 
85,497

 
 
 
 
Basic and diluted earnings per common share:
 
 
 
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(0.27
)
 
$
(0.26
)
 
 
 
 
 
For the Three Months Ended March 31,
 
2016
 
2015
Earnings allocable to High Performance Units (1):
 
 
 
Numerator for basic and diluted earnings per HPU share:
 
 
 
Net income (loss) attributable to iStar Inc. and allocable to HPU holders
$
—

 
$
(749
)
Denominator for basic and diluted earnings per HPU share:
 
 
 
Weighted average High Performance Units outstanding for basic and diluted earnings per share
—

 
15

 
 
 
 
Basic and diluted earnings per HPU share:
 
 
 
Net income (loss) attributable to iStar Inc. and allocable to HPU holders
$
—

 
$
(49.93
)

_______________________________________________________________________________
(1)
All of the Company's outstanding HPUs were repurchased and retired on August 13, 2015.

For the three months ended March 31, 2016 and 2015, the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)(1):
 
For the Three Months Ended March 31,
 
2016
 
2015
Joint venture shares
298

 
298

3.00% convertible senior unsecured notes
16,992

 
16,992

Series J convertible perpetual preferred stock
15,635

 
15,635

1.50% convertible senior unsecured notes
11,567

 
11,567


_______________________________________________________________________________
(1)
For the three months ended March 31, 2016 and 2015, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.