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Earnings Per Share
 3 Months Ended
Mar. 31, 2017
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.
The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data):
 
For the Three Months Ended March 31,
 
2017
 
2016
Income (loss) from operations
$
(23,990
)
 
$
(19,757
)
Income from sales of real estate
8,618

 
10,458

Net (income) loss attributable to noncontrolling interests
1,100

 
942

Preferred dividends
(12,830
)
 
(12,830
)
Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for basic and diluted earnings per common share
$
(27,102
)
 
$
(21,187
)


 
For the Three Months Ended March 31,
 
2017
 
2016
Earnings allocable to common shares:
 
 
 
Numerator for basic and diluted earnings per share:
 
 
 
Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders
$
(27,102
)
 
$
(21,187
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(27,102
)
 
$
(21,187
)
 
 
 
 
Denominator for basic and diluted earnings per share:
 
 
 
Weighted average common shares outstanding for basic and diluted earnings per common share
72,065

 
77,060

 
 
 
 
Basic and diluted earnings per common share:
 
 
 
Income (loss) from operations attributable to iStar Inc. and allocable to common shareholders
$
(0.38
)
 
$
(0.27
)
Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(0.38
)
 
$
(0.27
)


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,
 
2017
 
2016
3.00% convertible senior unsecured notes
—

 
16,992

Series J convertible perpetual preferred stock
15,635

 
15,635

1.50% convertible senior unsecured notes
—

 
11,567

Joint venture shares
298

 
298


_______________________________________________________________________________
(1)
For the three months ended March 31, 2017 and 2016, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive.