| 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 of
common stock is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
Numerator:
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| |
|
(in millions,
except share and per share data) |
|
|
Net income attributable to controlling stockholders and
participating securities
|
|
$ |
12.3 |
|
|
$ |
3.8 |
|
|
$ |
19.5 |
|
|
$ |
6.9 |
|
|
Less: Dividends paid on participating securities
|
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.9 |
) |
|
|
(0.9 |
) |
|
Undistributed earnings attributable to participating securities
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to controlling stockholders
|
|
$ |
11.9 |
|
|
$ |
3.4 |
|
|
$ |
18.6 |
|
|
$ |
6.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of common shares — basic
|
|
|
50,573,996 |
|
|
|
37,737,026 |
|
|
|
49,044,051 |
|
|
|
37,376,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of common shares — diluted
|
|
|
50,573,996 |
|
|
|
37,737,026 |
|
|
|
49,044,051 |
|
|
|
37,376,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share
|
|
$ |
0.23 |
|
|
$ |
0.09 |
|
|
$ |
0.38 |
|
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
$ |
0.23 |
|
|
$ |
0.09 |
|
|
$ |
0.38 |
|
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of OP units
|
|
|
284,992 |
|
|
|
284,992 |
|
|
|
284,992 |
|
|
|
284,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unvested restricted common stock outstanding as of
|
|
|
|
|
|
|
|
|
|
|
1,416,629 |
|
|
|
1,330,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unvested restricted stock units outstanding as of
|
|
|
|
|
|
|
|
|
|
|
256,034 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|