Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share of Common Stock

v3.7.0.1
Earnings per Share of Common Stock
 3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
Earnings per Share of Common Stock
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:

 

     Three Months Ended March 31,  

Numerator:

    2017     2016  
     (in millions, except share and per share data)  

Net income attributable to controlling shareholders and participating securities

    $ 7.2     $ 3.2  

Less: Dividends paid on participating securities

      (0.6 )      (0.6 ) 

Undistributed earnings attributable to participating securities

      —         —    
  

 

 

    

 

 

  

Net income attributable to controlling stockholders

    $ 6.6     $ 2.6  
  

 

 

    

 

 

  

Denominator:

     

Weighted-average number of common shares — basic

      47,497,107       37,016,210  
  

 

 

    

 

 

  

Weighted-average number of common shares — diluted

      47,497,107       37,016,210  
  

 

 

    

 

 

  

Basic earnings per common share

    $ 0.14     $ 0.07  
  

 

 

    

 

 

  

Diluted earnings per common share

    $ 0.14     $ 0.07  
  

 

 

    

 

 

  

Other Information:

     

Weighted-average number of OP units

      284,992       284,992  
  

 

 

    

 

 

  

Unvested restricted common stock outstanding

      1,551,243       1,866,771  
  

 

 

    

 

 

  

Unvested restricted stock units outstanding

      253,200       0