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v3.4.0.3

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2016 | Mar. 31, 2015
Revenue |  |
Base rent | $ 42,607 | $ 41,479
Expense recoveries | 9,558 | 8,732
Percentage rent | 363 | 438
Other | 4,398 | 1,439
Total revenue | 56,926 | 52,088
Operating expenses |  |
Property operating expenses | 7,995 | 7,616
Provision for credit losses | 432 | 246
Real estate taxes | 5,934 | 5,901
Interest expense and amortization of deferred debt costs | 11,089 | 11,406
Depreciation and amortization of deferred leasing costs | 11,035 | 10,440
General and administrative | 4,060 | 3,771
Acquisition related costs | 0 | 21
Total operating expenses | 40,545 | 39,401
Operating income | 16,381 | 12,687
Change in fair value of derivatives | (7) | (6)
Net income (loss) | 16,374 | 12,681
Noncontrolling interests |  |
Income attributable to noncontrolling interests | (3,426) | (2,474)
Net income attributable to Saul Centers, Inc. | 12,948 | 10,207
Preferred stock dividends | (3,094) | (3,094)
Net income attributable to common stockholders | $ 9,854 | $ 7,113
Per share net income attributable to common stockholders |  |
Basic and diluted (in usd per share) | $ 0.46 | $ 0.34
Dividends declared per common share outstanding (in usd per share) | $ 0.47 | $ 0.43

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