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Income (Loss) Per Share | 9 Months Ended
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Sep. 30, 2017
Earnings Per Share [Abstract] |
Income (Loss) Per Share | Income (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,
| 2017 |  | 2016 |  | 2017 |  | 2016
Net income (loss) attributable to common stockholders - basic and diluted: |  |  |  |  |  |  |
Net income (loss) attributable to the Company | $ | (1,000 | ) |  | $ | 16,858 |  |  | $ | (1,898 | ) |  | $ | 18,912 |
Less: Dividends on preferred stock | (1,707 | ) |  | (994 | ) |  | (5,087 | ) |  | (2,866 | )
Less: Dividends on common stock | (5,038 | ) |  | (3,064 | ) |  | (15,107 | ) |  | (9,041 | )
Less: Dividends on unvested performance stock units | (85 | ) |  | (19 | ) |  | (238 | ) |  | (73 | )
Less: Dividends on unvested restricted shares | (75 | ) |  | (12 | ) |  | (200 | ) |  | (34 | )
Less: Net (income) loss allocated to unvested performance stock units | — |  |  | (142 | ) |  | — |  |  | (15 | )
Less: Net (income) loss allocated to unvested restricted shares | — |  |  | (63 | ) |  | — |  |  | (32 | )
Undistributed net income (loss) allocated to common stockholders | (7,905 | ) |  | 12,564 |  |  | (22,530 | ) |  | 6,851 |
Add back: Dividends on common stock | 5,038 |  |  | 3,064 |  |  | 15,107 |  |  | 9,041 |
Distributed and undistributed net income (loss) - basic and diluted | $ | (2,867 | ) |  | $ | 15,628 |  |  | $ | (7,423 | ) |  | $ | 15,892 |
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | — |  |  | 1,960 |  |  | — |  |  | 1,994 |
Dividends on preferred stock | — |  |  | 994 |  |  | — |  |  | — |
Distributed and undistributed net income (loss) - diluted | $ | (2,867 | ) |  | $ | 18,582 |  |  | $ | (7,423 | ) |  | $ | 17,886 |
Weighted average common shares outstanding: |  |  |  |  |  |  |
Weighted average common shares outstanding – basic and diluted | 31,483 |  |  | 25,554 |  |  | 30,089 |  |  | 27,261 |
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 | 31,483 |  |  | 33,874 |  |  | 30,089 |  |  | 31,887 |
Income (loss) per share - basic and diluted: |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (0.09 | ) |  | $ | 0.61 |  |  | $ | (0.25 | ) |  | $ | 0.58 |
Income (loss) per share - diluted: |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (0.09 | ) |  | $ | 0.55 |  |  | $ | (0.25 | ) |  | $ | 0.56 |
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,
| 2017 |  | 2016 |  | 2017 |  | 2016
Net income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |
Income (loss) allocated to unvested restricted shares | $ | 75 |  |  | $ | 75 |  |  | $ | 200 |  |  | $ | 66 |
Income (loss) allocated to unvested performance stock units | 85 |  |  | 161 |  |  | 238 |  |  | 88 |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership | (360 | ) |  | — |  |  | (958 | ) |  | — |
Dividends on preferred stock | 1,707 |  |  | — |  |  | 5,087 |  |  | 2,866 |
Total | $ | 1,507 |  |  | $ | 236 |  |  | $ | 4,567 |  |  | $ | 3,020 |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |
Effect of unvested restricted shares | 79 |  |  | 56 |  |  | 81 |  |  | 55 |
Effect of unvested performance stock units | — |  |  | 65 |  |  | — |  |  | 58 |
Effect of assumed conversion of operating partnership units | 4,256 |  |  | — |  |  | 4,256 |  |  | — |
Effect of assumed conversion of preferred stock | 6,569 |  |  | — |  |  | 5,893 |  |  | 3,608 |
Effect of incentive fee shares | 132 |  |  | — |  |  | 146 |  |  | — |
Total | 11,036 |  |  | 121 |  |  | 10,376 |  |  | 3,721 |

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