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Earnings Per Common Share | 3 Months Ended
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Mar. 31, 2015
Earnings Per Common Share |
Earnings Per Common Share | Note 3 - Earnings Per Common Share Basic earnings per share was determined by dividing net income allocable to common stockholders for each year by the weighted average number of shares of common stock outstanding during each year. Net income is also allocated to the unvested restricted stock outstanding during each year, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. Unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders, other than the holders of unvested restricted stock. The restricted stock units awarded under the Pay-for-Performance program are excluded from the basic earnings per share calculation, as these units are not participating securities (see Note 14). Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company. For the three months ended March 31, 2015 and 2014, the diluted weighted average number of shares of common stock includes 100,000 shares (of an aggregate of 200,000 shares) of common stock underlying the restricted stock units awarded pursuant to the Pay-For-Performance program. These 100,000 shares may vest upon satisfaction of the total stockholder return metric. The number of shares that would be issued pursuant to this metric is based on the market price and dividends paid as of the end of each quarterly period assuming the end of that quarterly period was the end of the vesting period. The remaining 100,000 shares of common stock underlying the restricted stock units awarded under the Pay-For-Performance program are not included during the three months ended March 31, 2015 and 2014, as they did not meet the return on capital performance metric during such periods. There were no options outstanding to purchase shares of common stock or other rights exercisable for, or convertible into, common stock during the three months ended March 31, 2015 and 2014. The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts):
|  | Three Months Ended March 31, |
|  | 2015 |  | 2014 |
Numerator for basic and diluted earnings per share: |  |  |  |  |
Income from continuing operations |  | $ | 9,207 |  | $ | 3,287 |
Less net income attributable to non-controlling interests |  | (1,351 | ) | (27 | )
Less earnings allocated to unvested restricted stock (a) |  | (261 | ) | (178 | )
Income from continuing operations available for common stockholders |  | 7,595 |  | 3,082 |
Discontinued operations |  | — |  | 13 |
Net income available for common stockholders, basic and diluted |  | $ | 7,595 |  | $ | 3,095 |
Denominator for basic earnings per share: |  |  |  |  |
- weighted average common shares |  | 15,776 |  | 15,356 |
Effect of diluted securities: |  |  |  |  |
- restricted stock units awarded under Pay-for-Performance program |  | 100 |  | 100 |
Denominator for diluted earnings per share |  |  |  |  |
- weighted average shares |  | 15,876 |  | 15,456 |
Earnings per common share, basic |  | $ | .48 |  | $ | .20 |
Earnings per common share, diluted |  | $ | .48 |  | $ | .20 |
Net income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests: |  |  |  |  |
Income from continuing operations |  | $ | 7,856 |  | $ | 3,260 |
Income from discontinued operations |  | — |  | 13 |
Net income attributable to One Liberty Properties, Inc. |  | $ | 7,856 |  | $ | 3,273 |
| (a) |  | Represents an allocation to unvested restricted stock, which as participating securities are entitled to receive dividends.

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