Earnings Per Share

3 Months Ended

Mar. 31, 2016

Note 10. 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, 2016 and 2015, the Company had 3.6 million and 3.6 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, 2016 and 2015, respectively:


	Three months ended March 31,
	2016	2015
Numerator
Income from continuing operations	$ 1,576,000	$ 3,234,000
Preferred stock dividends	(3,602,000)	(3,602,000)
Net loss attributable to noncontrolling interests	87,000	81,000
Net earnings allocated to unvested shares	(167,000)	(177,000)
Loss from continuing operations attributable
to vested common shares	(2,106,000)	(464,000)
Income from discontinued operations, net of
noncontrolling interests, attributable to vested
common shares	-	164,000
Net loss attributable to vested common shares outstanding	$ (2,106,000)	$ (300,000)

Denominator
Weighted average number of vested common shares outstanding	81,656,000	80,719,000

Earnings per vested common share, basic and diluted
Continuing operations	$ (0.03)	$ (0.01)
Discontinued operations	$ 0.00	$ 0.01
	$ (0.03)	$ (0.00)

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 were 352,000 and 393,000 for the three months ended March 31, 2016 and 2015, respectively.