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Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2019
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 from operations used in the basic and diluted earnings per share ("EPS") calculations ($ in thousands, except for per share data):
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
3,626

 
$
(8,832
)
 
$
370,347

 
$
86,702

Net income attributable to noncontrolling interests
(2,845
)
 
(2,028
)
 
(8,168
)
 
(11,632
)
Preferred dividends
(8,124
)
 
(8,124
)
 
(24,372
)
 
(24,372
)
Net income (loss) allocable to common shareholders for basic earnings per common share
$
(7,343
)
 
$
(18,984
)
 
$
337,807

 
$
50,698

Add: Effect of Series J convertible perpetual preferred stock
—

 
—

 
6,750

 
6,750

Net income (loss) allocable to common shareholders for diluted earnings per common share
$
(7,343
)
 
$
(18,984
)
 
$
344,557

 
$
57,448
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,
 
2019
 
2018
 
2019
 
2018
Earnings allocable to common shares:
 
 
 
 
 
 
 
Numerator for basic earnings per share:
 
 
 
 
 
 
 
Net income (loss) allocable to common shareholders
$
(7,343
)
 
$
(18,984
)
 
$
337,807

 
$
50,698

 
 
 
 
 
 
 
 
Numerator for diluted earnings per share:
 
 
 
 
 
 
 
Net income (loss) allocable to common shareholders
$
(7,343
)
 
$
(18,984
)
 
$
344,557

 
$
57,448

 
 
 
 
 
 
 
 
Denominator for basic and diluted earnings per share:
 
 
 
 
 
 
 
Weighted average common shares outstanding for basic earnings per common share
62,168

 
67,975

 
64,624

 
67,940

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

 
—

 
114

 
131

Add: Effect of series J convertible perpetual preferred stock
—

 
—

 
16,138

 
15,658

Weighted average common shares outstanding for diluted earnings per common share
62,168

 
67,975

 
80,876

 
83,729

 
 
 
 
 
 
 
 
Basic earnings per common share:
 
 
 
 
 
 
 
Net income (loss) allocable to common shareholders
$
(0.12
)
 
$
(0.28
)
 
$
5.23

 
$
0.75

 
 
 
 
 
 
 
 
Diluted earnings per common share:(1)
 
 
 
 
 
 
 
Net income (loss) allocable to common shareholders
$
(0.12
)
 
$
(0.28
)
 
$
4.26

 
$
0.69


_______________________________________________________________________________
(1)
For the three months ended September 30, 2019 and 2018, 16,306 and 15,703, respectively of Series J convertible perpetual preferred stock was anti-dilutive. For the three and nine months ended September 30, 2019 and the three months ended September 30, 2018, the effect of certain of the Company's restricted stock awards were anti-dilutive. The Company will settle conversions of the 3.125% Convertible Notes (refer to Note 11) by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the three and nine months ended September 30, 2019 and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.