HA Sustainable Infrastructure Capital, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Earnings per Share of Common Stock

Earnings per Share of Common Stock

12 Months Ended

Dec. 31, 2016

12. Earnings per Share of Common Stock

Both the net income or loss attributable to the non-controlling OP units and the non-controlling limited partners’ outstanding OP units have been excluded from net income or loss and the diluted earnings per share calculation attributable to common stockholders.

Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Any shares of common stock which, if included in the diluted earnings per share calculation, would have an anti-dilutive effect have been excluded from the diluted earnings per share calculation.

The computation of basic and diluted earnings per common share is as follows:


	Year ended December 31,
Numerator:	2016			2015			2014
	(in millions, except share and per share data)
Net income attributable to controlling shareholders and participating securities	$	14.7		$	8.0		$	9.6
Less: Dividends paid on participating securities		(1.8	)		(1.4	)		(0.8	)
Undistributed earnings attributable to participating securities		—			—			—

Net income attributable to controlling shareholders	$	12.9		$	6.6		$	8.8


Denominator:
Weighted-average number of common shares—basic		40,290,717			30,761,151			20,656,826

Weighted-average number of common shares—diluted		40,290,717			30,761,151			20,656,826

Basic earnings per common share	$	0.32		$	0.21		$	0.43

Diluted earnings per common share	$	0.32		$	0.21		$	0.43


Other Information:
Weighted-average number of OP units		284,992			294,884			342,648

Unvested restricted common stock outstanding		1,181,672			1,248,069			964,820