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Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Computation of Company's Earnings Per Share (EPS) and Reconciliation of Net Income from Continuing Operations and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS

The following table provides a reconciliation of net income (loss) from continuing operations and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts):

 

 

For the Year Ended December 31,

 

 

2014

 

 

2013

 

 

2012

 

Numerators – Basic and Diluted

 

 

 

 

 

 

 

 

 

 

 

Continuing Operations:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

$

21,107

 

 

$

21,419

 

 

$

28,172

 

Plus: Gain on disposition of real estate

 

3,060

 

 

 

467

 

 

 

5,863

 

Plus: Income (loss) attributable to non-controlling interests

 

2,356

 

 

 

(640

)

 

 

(348

)

Write-off of preferred share original issuance costs

 

(1,943

)

 

 

(5,246

)

 

 

(5,804

)

Preferred dividends

 

(24,054

)

 

 

(27,721

)

 

 

(28,645

)

Less: Earnings attributable to unvested shares and operating partnership units

 

(1,684

)

 

 

(1,367

)

 

 

(1,114

)

Loss from continuing operations

 

(1,158

)

 

 

(13,088

)

 

 

(1,876

)

Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

89,398

 

 

 

(31,267

)

 

 

(59,364

)

Plus: Income (loss) attributable to non-controlling interests

 

1,361

 

 

 

(154

)

 

 

(145

)

Net income (loss) attributable to common shareholders after allocation

   to participating securities

$

89,601

 

 

$

(44,509

)

 

$

(61,385

)

Denominators – Number of Shares

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted – Average shares outstanding

 

358,122

 

 

 

326,426

 

 

 

291,726

 

Basic Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations attributable to common

   shareholders

$

0.00

 

 

$

(0.04

)

 

$

(0.01

)

Income (loss) from discontinued operations attributable to common

   shareholders

 

0.25

 

 

 

(0.10

)

 

 

(0.20

)

Net income (loss) attributable to common shareholders

$

0.25

 

 

$

(0.14

)

 

$

(0.21

)

Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations attributable to common

   shareholders

$

0.00

 

 

$

(0.04

)

 

$

(0.01

)

Income (loss) from discontinued operations attributable to common

   shareholders

 

0.25

 

 

 

(0.10

)

 

 

(0.20

)

Net income (loss) attributable to common shareholders

$

0.25

 

 

$

(0.14

)

 

$

(0.21

)

 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

(A)

Common shares that were subject to the forward equity agreements were not included in the computation of diluted EPS using the treasury stock method prior to the date of settlement because they were anti-dilutive due to the Company’s loss from continuing operations and are as follows (shares in millions):

 

Contract Date

 

Settlement Date

 

Number of

Common Shares

 

May 2013

 

September and October 2013

 

 

39.1

 

January 2012

 

June 2012

 

 

19.0