Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2018

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 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

Schedule of earnings per share allocable to common shares and HPU shares



	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