| Earnings per Share of Common Stock |
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.
The computation of basic and diluted earnings per common share of common stock is as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
Numerator: |
2018 |
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2017 |
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2018 |
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2017 |
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(in millions, except share and per share data) |
Net income (loss) attributable to controlling stockholders and participating securities |
$ |
17.3 |
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$ |
12.3 |
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$ |
16.0 |
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$ |
19.5 |
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Less: Dividends paid on participating securities |
(0.4 |
) |
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(0.4 |
) |
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(0.9 |
) |
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(0.9 |
) |
Undistributed earnings attributable to participating securities |
— |
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— |
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— |
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— |
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Net income (loss) attributable to controlling stockholders |
$ |
16.9 |
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$ |
11.9 |
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$ |
15.1 |
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$ |
18.6 |
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Denominator: |
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Weighted-average number of common shares — basic |
52,051,253 |
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50,573,996 |
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51,882,021 |
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49,044,051 |
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Weighted-average number of common shares — diluted |
52,051,253 |
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50,573,996 |
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51,882,021 |
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49,044,051 |
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Basic earnings per common share |
$ |
0.32 |
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$ |
0.23 |
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0.29 |
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0.38 |
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Diluted earnings per common share |
$ |
0.32 |
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$ |
0.23 |
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0.29 |
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0.38 |
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Other Information: |
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Weighted-average number of OP units |
281,289 |
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284,992 |
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282,619 |
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284,992 |
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Unvested restricted common stock outstanding (i.e. participating securities) |
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1,312,768 |
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1,416,629 |
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