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Earnings Per Share | 9 Months Ended
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Sep. 30, 2016
Earnings Per Share [Abstract] |
Earnings Per Share | 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 September 30, 2016 and 2015, the Company had 3.7 million and 3.4 million, respectively, of weighted average unvested restricted shares outstanding. For the nine months ended September 30, 2016 and 2015, the Company had 3.6 million and 3.5 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 and nine months ended September 30, 2016 and 2015, respectively:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Loss) income from continuing operations |  | $ | (761,000 | ) |  | $ | 6,126,000 |  |  | $ | 5,610,000 |  |  | $ | 14,776,000 |
Preferred stock dividends |  |  | (3,602,000 | ) |  |  | (3,602,000 | ) |  |  | (10,806,000 | ) |  |  | (10,806,000 | )
Net loss attributable to noncontrolling interests |  |  | 74,000 |  |  |  | 66,000 |  |  |  | 254,000 |  |  |  | 248,000 |
Net earnings allocated to unvested shares |  |  | (183,000 | ) |  |  | (171,000 | ) |  |  | (533,000 | ) |  |  | (529,000 | )
(Loss) income from continuing operations attributable to vested common shares |  |  | (4,472,000 | ) |  |  | 2,419,000 |  |  |  | (5,475,000 | ) |  |  | 3,689,000 |
Income from discontinued operations, net of noncontrolling interests, attributable to vested common shares |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 164,000 |
Net (loss) income attributable to vested common shares outstanding |  | $ | (4,472,000 | ) |  | $ | 2,419,000 |  |  | $ | (5,475,000 | ) |  | $ | 3,853,000 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of vested common shares outstanding |  |  | 81,676,000 |  |  |  | 81,598,000 |  |  |  | 81,670,000 |  |  |  | 81,268,000 |
Earnings per vested common share, basic and diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | (0.05 | ) |  | $ | 0.03 |  |  | $ | (0.07 | ) |  | $ | 0.05 |
Discontinued operations |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |
|  | $ | (0.05 | ) |  | $ | 0.03 |  |  | $ | (0.07 | ) |  | $ | 0.05 |
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 5,750,000 common shares subject to the forward sale agreements (see Note 7- “Shareholders’ Equity”) have been excluded from the denominator as they were anti-dilutive using the treasury stock method. 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 375,000 for the three months ended September 30, 2016 and 2015, respectively, and 352,000 and 387,000 for the nine months ended September 30, 2016 and 2015, respectively.

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