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Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2015
Earnings Per Share [Abstract]  
Computation of Company's Earnings Per Share (EPS) and Reconciliation of Net Income (Loss) 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):

 

 

Three Months

 

 

Six Months

 

 

Ended June 30,

 

 

Ended June 30,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Numerators – Basic and Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

$

7,780

 

 

$

68,078

 

 

$

(260,228

)

 

$

47,777

 

Plus: Gain on disposition of real estate

 

11,267

 

 

 

1,472

 

 

 

36,361

 

 

 

383

 

Plus: Income attributable to non-controlling interests

 

(449

)

 

 

(347

)

 

 

(1,322

)

 

 

(501

)

Less: Write-off of preferred share original issuance costs

 

—

 

 

 

(1,943

)

 

 

—

 

 

 

(1,943

)

Less: Preferred dividends

 

(5,594

)

 

 

(6,259

)

 

 

(11,188

)

 

 

(12,867

)

Less: Earnings attributable to unvested shares and operating

   partnership units

 

(420

)

 

 

(464

)

 

 

(868

)

 

 

(777

)

Income (loss) from continuing operations

 

12,584

 

 

 

60,537

 

 

 

(237,245

)

 

 

32,072

 

Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations

 

—

 

 

 

7,345

 

 

 

—

 

 

 

10,357

 

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

 

—

 

 

 

(531

)

 

 

—

 

 

 

1,361

 

Net income (loss) attributable to common shareholders after allocation

   to participating securities

$

12,584

 

 

$

67,351

 

 

$

(237,245

)

 

$

43,790

 

Denominators – Number of Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic—Average shares outstanding

 

360,073

 

 

 

357,812

 

 

 

359,914

 

 

 

357,717

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior convertible notes

 

3,631

 

 

 

—

 

 

 

—

 

 

 

—

 

Stock options

 

443

 

 

 

483

 

 

 

—

 

 

 

459

 

Diluted—Average shares outstanding

 

364,147

 

 

 

358,295

 

 

 

359,914

 

 

 

358,176

 

Basic Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations attributable to common

   shareholders

$

0.03

 

 

$

0.17

 

 

$

(0.66

)

 

$

0.09

 

Income from discontinued operations attributable to common

   shareholders

 

—

 

 

 

0.02

 

 

 

—

 

 

 

0.03

 

Net income (loss) attributable to common shareholders

$

0.03

 

 

$

0.19

 

 

$

(0.66

)

 

$

0.12

 

Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations attributable to common

   shareholders

$

0.03

 

 

$

0.17

 

 

$

(0.66

)

 

$

0.09

 

Income from discontinued operations attributable to common

   shareholders

 

—

 

 

 

0.02

 

 

 

—

 

 

 

0.03

 

Net income (loss) attributable to common shareholders

$

0.03

 

 

$

0.19

 

 

$

(0.66

)

 

$

0.12

 

 
Common Share Dividends Declared Per Share

Common share dividends declared per share were as follows:

 

 

 

Three Months

 

 

Six Months

 

 

 

Ended June 30,

 

 

Ended June 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Common share dividends declared per share

 

$

0.1725

 

 

$

0.155

 

 

$

0.345

 

 

$

0.310