Annual report pursuant to Section 13 and 15(d)

Earnings per Share of Common Stock

v3.8.0.1
Earnings per Share of Common Stock
 12 Months Ended
Dec. 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 the basic earnings per share and the diluted earnings per share calculations 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 or rights to 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. Additionally, as described in Note 2, the convertible notes have been considered in the diluted earnings per share calculation using the if-converted method.

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

 

     Year ended December 31,  

Numerator:

    2017     2016     2015  
     (dollars in millions, except  share and per share data)  

Net income attributable to controlling stockholders and participating securities

    $ 30.9     $ 14.7     $ 8.0  

Less: Dividends paid on participating securities

      (1.9 )      (1.8 )      (1.4 ) 

Undistributed earnings attributable to participating securities

      —         —         —    
  

 

 

    

 

 

    

 

 

  

Net income attributable to controlling stockholders

    $ 29.0     $ 12.9     $ 6.6  
  

 

 

    

 

 

    

 

 

  

Denominator:

                   

Weighted-average number of common shares—basic

      50,361,672       40,290,717       30,761,151  
  

 

 

    

 

 

    

 

 

  

Weighted-average number of common shares—diluted

      50,361,672       40,290,717       30,761,151  
  

 

 

    

 

 

    

 

 

  

Basic earnings per common share

    $ 0.57     $ 0.32     $ 0.21  
  

 

 

    

 

 

    

 

 

  

Diluted earnings per common share

    $ 0.57     $ 0.32     $ 0.21  
  

 

 

    

 

 

    

 

 

  

Other Information:

                   

Weighted-average number of OP units

      284,992       284,992       294,884  
  

 

 

    

 

 

    

 

 

  

Unvested restricted common stock outstanding (i.e. participating securities)

      1,399,593       1,181,672       1,248,069