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Earnings Per Share
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

Note 19. Earnings Per Share

 

Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such shares have non-forfeitable rights to receive dividends). Unvested restricted shares are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For 2014, 2013 and 2012, the Company had 3.7 million, 3.8 million and 3.3 million, respectively, of weighted average unvested restricted shares outstanding. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the 2014, 2013 and 2012, respectively:

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

2014

 

2013

 

2012

Numerator

 

 

 

 

 

 

Income from continuing operations

 

$            17,611,000 

 

$              4,519,000 

 

$            24,094,000 

Preferred stock dividends

 
(14,408,000)

 
(14,413,000)

 
(14,819,000)

Preferred stock redemption costs

 

 -

 
(1,166,000)

 
(4,998,000)

Net loss attributable to noncontrolling interests

 
358,000 

 
247,000 

 
375,000 

Net earnings allocated to unvested shares

 
(734,000)

 
(758,000)

 
(806,000)

Income (loss) from continuing operations attributable to vested

 

 

 

 

 

 

common shares

 
2,827,000 

 
(11,571,000)

 
3,846,000 

Income from discontinued operations, net of noncontrolling

 

 

 

 

 

 

interests, attributable to vested common shares

 
11,012,000 

 
9,682,000 

 
5,237,000 

Net income (loss) attributable to vested common shares outstanding

 

$            13,839,000 

 

$             (1,889,000)

 

$              9,083,000 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

Weighted average number of vested common shares outstanding

 
75,311,000 

 
68,381,000 

 
68,017,000 

 

 

 

 

 

 

 

Earnings (loss) per vested common share, basic and diluted

 

 

 

 

 

 

Continuing operations

 

$                       0.04 

 

$                      (0.17)

 

$                       0.05 

Discontinued operations

 

$                       0.14 

 

$                       0.14 

 

$                       0.08 

 

 

$                       0.18 

 

$                      (0.03)

 

$                       0.13 

 

 

 

 

 

 

 

 

 

Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. The net loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no effect had such amounts been included. The weighted average number of OP Units outstanding was 433,000,  297,000 and 459,000 for 2014, 2013 and 2012, respectively.