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Income Per Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Income Per Share
Income Per Share
The following table reconciles the amounts used in calculating basic and diluted income per share (in thousands, except per share amounts):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Net income attributable to common stockholders - Basic and diluted:
 
 
 
 
 
 
 
Net income attributable to the Company
$
2,188

 
$
6,724

 
$
2,054

 
$
6,518

Less: Dividends on preferred stock
(978
)
 
(198
)
 
(1,872
)
 
(198
)
Less: Dividends on common stock
(3,140
)
 
(2,418
)
 
(5,977
)
 
(3,616
)
Less: Dividends on unvested performance stock units
(19
)
 
(35
)
 
(54
)
 
(35
)
Less: Dividends on unvested restricted shares
(13
)
 
(8
)
 
(22
)
 
(13
)
Less: Net income allocated to unvested performance stock units
—

 
(9
)
 
—

 
(3
)
Less: Net income allocated to unvested restricted shares
—

 
(14
)
 
—

 
(10
)
Undistributed net income (loss) allocated to common stockholders
(1,962
)
 
4,042

 
(5,871
)
 
2,643

Add back: Dividends on common stock
3,140

 
2,418

 
5,977

 
3,616

Distributed and undistributed net income - basic
$
1,178

 
$
6,460

 
$
106

 
$
6,259

Net income attributable to redeemable noncontrolling interests in operating partnership
184

 
—

 
—

 
2,203

Dividends on preferred stock
—

 
198

 
—

 
—

Distributed and undistributed net income - diluted
$
1,362

 
$
6,658

 
$
106

 
$
8,462

 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
27,916

 
24,017

 
28,121

 
24,043

Effect of assumed conversion of operating partnership units
4,413

 
—

 
—

 
8,476

Effect of assumed conversion of preferred stock
—

 
756

 
—

 
—

Incentive fee shares
89

 
—

 
103

 
—

Weighted average common shares outstanding – diluted
32,418

 
24,773

 
28,224

 
32,519

 
 
 
 
 
 
 
 
Income per share - basic:
 
 
 
 
 
 
 
Net income allocated to common stockholders per share
$
0.04

 
$
0.27

 
$
—

 
$
0.26

Income per share - diluted:
 
 
 
 
 
 
 
Net income allocated to common stockholders per share
$
0.04

 
$
0.27

 
$
—

 
$
0.26


Due to their anti-dilutive effect, the computation of diluted income per share does not reflect the adjustments for the following items (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Net income allocated to common stockholders is not adjusted for:
 
 
 
 
 
 
 
Income allocated to unvested restricted shares
$
13

 
$
22

 
$
22

 
$
23

Income allocated to unvested performance stock units
19

 
44

 
54

 
38

Income attributable to redeemable noncontrolling interests in operating partnership
—

 
2,275

 
34

 
—

Dividends on preferred stock
978

 
—

 
1,872

 
198

Total
$
1,010

 
$
2,341

 
$
1,982

 
$
259

Weighted average diluted shares are not adjusted for:
 
 
 
 
 
 
 
Effect of unvested restricted shares
63

 
14

 
55

 
25

Effect of unvested performance stock units
108

 
27

 
54

 
14

Effect of assumed conversion of operating partnership units
—

 
8,437

 
4,589

 
—

Effect of assumed conversion of preferred stock
3,562

 
—

 
3,501

 
378

Total
3,733

 
8,478

 
8,199

 
417