Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share of Common Stock

v2.4.1.9
Earnings per Share of Common Stock
3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings per Share of Common Stock

12. Earnings per Share of Common Stock

Net income or loss figures are presented net of income or loss attributable to the non-controlling OP units in the earnings per share calculations. The non-controlling limited partners’ outstanding OP units have also been excluded from the diluted earnings per share calculation attributable to common stockholders as there would be no effect on the amounts since the limited partners’ share of income would also be added back to net income. The weighted average number of OP units attributable to the non-controlling interest was 325,110 and 361,414 for the three months ended March 31, 2015 and 2014, respectively.

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. As of March 31, 2015 and 2014, there were 1,520,286 and 605,815 shares of unvested restricted common stock outstanding, respectively.

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

 

     Three Months Ended March 31,  

Numerator:

   2015      2014  
     (in thousands, except share and per
share data)
 

Net income attributable to controlling shareholders and participating securities

   $ 2,122       $ 2,753   

Less: Dividends paid on participating securities

     (375      (127

Undistributed earnings attributable to participating securities

     —           —     
  

 

 

    

 

 

 

Net income attributable to controlling shareholders

$ 1,747    $ 2,626   
  

 

 

    

 

 

 

Denominator:

             

Weighted-average number of common shares — basic

     26,386,080         15,892,927   
  

 

 

    

 

 

 

Weighted-average number of common shares — diluted

  26,386,080      16,494,309   
  

 

 

    

 

 

 

Basic earnings per common share

$ 0.07    $ 0.17   
  

 

 

    

 

 

 

Diluted earnings per common share

$ 0.07    $ 0.17