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Income (Loss) Per Share (Tables) | 9 Months Ended
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Sep. 30, 2016
Earnings Per Share [Abstract] |
Summary of amounts used in calculating basic and diluted earnings (loss) per share | The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Net income (loss) attributable to common stockholders - Basic and diluted: |  |  |  |  |  |  |
Net income (loss) attributable to the Company | $ | 16,858 |  |  | $ | (6,840 | ) |  | $ | 18,912 |  |  | $ | (322 | )
Less: Dividends on preferred stock | (994 | ) |  | (895 | ) |  | (2,866 | ) |  | (1,093 | )
Less: Dividends on common stock | (3,064 | ) |  | (2,833 | ) |  | (9,041 | ) |  | (6,449 | )
Less: Dividends on unvested performance stock units | (19 | ) |  | (35 | ) |  | (73 | ) |  | (70 | )
Less: Dividends on unvested restricted shares | (12 | ) |  | (14 | ) |  | (34 | ) |  | (27 | )
Less: Net income allocated to unvested performance stock units | (142 | ) |  | — |  |  | (15 | ) |  | — |
Less: Net income allocated to unvested restricted shares | (63 | ) |  | — |  |  | (32 | ) |  | — |
Undistributed net income (loss) allocated to common stockholders | 12,564 |  |  | (10,617 | ) |  | 6,851 |  |  | (7,961 | )
Add back: Dividends on common stock | 3,064 |  |  | 2,833 |  |  | 9,041 |  |  | 6,449 |
Distributed and undistributed net income (loss) - basic | $ | 15,628 |  |  | $ | (7,784 | ) |  | $ | 15,892 |  |  | $ | (1,512 | )
Net income attributable to redeemable noncontrolling interests in operating partnership | 1,960 |  |  | — |  |  | 1,994 |  |  | — |
Dividends on preferred stock | 994 |  |  | — |  |  | — |  |  | — |
Distributed and undistributed net income (loss) - diluted | $ | 18,582 |  |  | $ | (7,784 | ) |  | $ | 17,886 |  |  | $ | (1,512 | )
Weighted average common shares outstanding: |  |  |  |  |  |  |
Weighted average common shares outstanding – basic | 25,554 |  |  | 27,162 |  |  | 27,261 |  |  | 25,109 |
Effect of assumed conversion of operating partnership units | 4,395 |  |  | — |  |  | 4,524 |  |  | — |
Effect of assumed conversion of preferred stock | 3,824 |  |  | — |  |  | — |  |  | — |
Incentive fee shares | 101 |  |  | — |  |  | 102 |  |  | — |
Weighted average common shares outstanding – diluted | 33,874 |  |  | 27,162 |  |  | 31,887 |  |  | 25,109 |
Income (loss) per share - basic |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | 0.61 |  |  | $ | (0.29 | ) |  | $ | 0.58 |  |  | $ | (0.06 | )
Income (loss) per share - diluted |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | 0.55 |  |  | $ | (0.29 | ) |  | $ | 0.56 |  |  | $ | (0.06 | )
Summary of computation of diluted income per share | Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Net income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |
Income allocated to unvested restricted shares | $ | 75 |  |  | $ | 14 |  |  | $ | 66 |  |  | $ | 27 |
Income allocated to unvested performance stock units | 161 |  |  | 35 |  |  | 88 |  |  | 70 |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership | — |  |  | (1,532 | ) |  | — |  |  | 671 |
Dividends on preferred stock | — |  |  | 895 |  |  | 2,866 |  |  | 1,093 |
Total | $ | 236 |  |  | $ | (588 | ) |  | $ | 3,020 |  |  | $ | 1,861 |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |
Effect of unvested restricted shares | 56 |  |  | 64 |  |  | 55 |  |  | 38 |
Effect of unvested performance stock units | 65 |  |  | 181 |  |  | 58 |  |  | 69 |
Effect of assumed conversion of operating partnership units | — |  |  | 5,385 |  |  | — |  |  | 7,446 |
Effect of assumed conversion of preferred stock | — |  |  | 3,439 |  |  | 3,608 |  |  | 1,398 |
Total | 121 |  |  | 9,069 |  |  | 3,721 |  |  | 8,951 |

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