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Earnings Per Share

9 Months Ended

Sep. 30, 2021

Note 16—Earnings Per Share

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,
	2021		2020		2021		2020
Net income (loss)	$	130,994	$	6,451	$	127,567	$	(20,793)
Net income attributable to noncontrolling interests		(3,264)		(2,646)		(8,037)		(8,435)
Preferred dividends		(5,874)		(5,874)		(17,622)		(17,622)
Net income (loss) allocable to common shareholders for basic and diluted earnings per common share	$	121,856	$	(2,069)	$	101,908	$	(46,850)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Earnings allocable to common shares:
Numerator for basic earnings per share:
Net income (loss) attributable to iStar Inc. and allocable to common shareholders	$	121,856	$	(2,069)	$	101,908	$	(46,850)

Numerator for diluted earnings per share:
Net income (loss) allocable to common shareholders	$	121,856	$	(2,069)	$	101,908	$	(46,850)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share		71,299		75,033		72,675		76,232
Add: Effect of assumed shares issued under treasury stock method for restricted stock units		221		—		206		—
Add: Effect of convertible debt		8,967		—		5,521		—
Weighted average common shares outstanding for basic and diluted earnings per common share		80,487		75,033		78,402		76,232

Basic and diluted earnings per common share:⁽¹⁾
Net income (loss) allocable to common shareholders	$	1.71	$	(0.03)	$	1.40	$	(0.61)

Diluted earnings per common share:⁽¹⁾
Net income (loss) allocable to common shareholders	$	1.51	$	(0.03)	$	1.30	$	(0.61)

(1)	For the three and nine months ended September 30, 2020, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes, and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.