Earnings Per Share

The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted earnings per share ("EPS") calculations ($ in thousands, except for per share data):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Income from continuing operations	$	3,611		$	76,117		$	21,589		$	47,869
Income from sales of real estate	56,895			844			73,943			8,954
Net income attributable to noncontrolling interests	(9,509		)	(5,710		)	(9,604		)	(4,610		)
Preferred dividends	(8,124		)	(12,830		)	(16,248		)	(25,660		)
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders for basic earnings per common share	$	42,873		$	58,421		$	69,680		$	26,553
Add: Effect of joint venture shares	—			5			—			9
Add: Effect of Series J convertible perpetual preferred stock	2,250			2,250			4,500			4,500
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders for diluted earnings per common share	$	45,123		$	60,676		$	74,180		$	31,062



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2018		2017			2018		2017
Earnings allocable to common shares:
Numerator for basic earnings per share:
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders	$	42,873	$	58,421		$	69,680	$	26,553
Income from discontinued operations	—		173			—		4,939
Gain from discontinued operations	—		123,418			—		123,418
Income tax expense from discontinued operations	—		(4,545		)	—		(4,545		)
Net income attributable to iStar Inc. and allocable to common shareholders	$	42,873	$	177,467		$	69,680	$	150,365

Numerator for diluted earnings per share:
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders	$	45,123	$	60,676		$	74,180	$	31,062
Income from discontinued operations	—		173			—		4,939
Gain from discontinued operations	—		123,418			—		123,418
Income tax expense from discontinued operations	—		(4,545		)	—		(4,545		)
Net income attributable to iStar Inc. and allocable to common shareholders	$	45,123	$	179,722		$	74,180	$	154,874

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	67,932		72,142			67,922		72,104
Add: Effect of assumed shares issued under treasury stock method for restricted stock units	127		120			125		119
Add: Effect of joint venture shares	—		298			—		298
Add: Effect of series J convertible perpetual preferred stock	15,635		15,635			15,635		15,635
Weighted average common shares outstanding for diluted earnings per common share	83,694		88,195			83,682		88,156

Basic earnings per common share:
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders	$	0.63	$	0.81		$	1.03	$	0.37
Income from discontinued operations	—		—			—		0.07
Gain from discontinued operations	—		1.71			—		1.71
Income tax expense from discontinued operations	—		(0.06		)	—		(0.06		)
Net income attributable to iStar Inc. and allocable to common shareholders	$	0.63	$	2.46		$	1.03	$	2.09

Diluted earnings per common share:
Income from continuing operations attributable to iStar Inc. and allocable to common shareholders	$	0.54	$	0.69		$	0.89	$	0.35
Income from discontinued operations	—		—			—		0.06
Gain from discontinued operations	—		1.40			—		1.40
Income tax expense from discontinued operations	—		(0.05		)	—		(0.05		)



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2018		2017		2018		2017
Net income attributable to iStar Inc. and allocable to common shareholders	$	0.54	$	2.04	$	0.89	$	1.76