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Earnings Per Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Share

Note 11. 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 the three months ended March 31, 2015 and 2014, the Company had 3.6 million and 3.7 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 three months ended March 31, 2015 and 2014, respectively:

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

2015

 

2014

Numerator

 

 

 

 

Income from continuing operations

 

$              3,234,000 

 

$                 904,000 

Preferred stock dividends

 
(3,602,000)

 
(3,602,000)

Net loss attributable to noncontrolling interests

 
81,000 

 
71,000 

Net earnings allocated to unvested shares

 
(177,000)

 
(182,000)

Loss from continuing operations attributable to vested

 

 

 

 

common shares

 
(464,000)

 
(2,809,000)

Income from discontinued operations, net of noncontrolling

 

 

 

 

interests, attributable to vested common shares

 
164,000 

 
812,000 

Net loss attributable to vested common shares outstanding

 

$                (300,000)

 

$             (1,997,000)

 

 

 

 

 

Denominator

 

 

 

 

Weighted average number of vested common shares outstanding

 
80,719,000 

 
74,620,000 

 

 

 

 

 

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

 

 

 

 

Continuing operations

 

$                      (0.01)

 

$                      (0.04)

Discontinued operations

 

$                       0.01 

 

$                       0.01 

 

 

$                      (0.00)

 

$                      (0.03)

 

 

 

 

 

 

 

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 393,000 and 480,000 for the three months ended March 31, 2015 and 2014, respectively.