Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share of Common Stock

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Earnings per Share of Common Stock
 6 Months Ended
Jun. 30, 2015
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 net of 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
June 30,		     Six Months Ended
June 30, 		 

Numerator:

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

Net income attributable to controlling shareholders and participating securities

   $ 1,470      $ 2,828      $ 3,592      $ 5,581   

Less: Dividends paid on participating securities

     (315 )      (214 )      (691 )      (348 ) 

Undistributed earnings attributable to participating securities

     —          —          —          —     
 

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to controlling shareholders

   $ 1,155      $ 2,614      $ 2,901      $ 5,233   
 

 

 

    

 

 

    

 

 

    

 

 

  

Denominator:

                        

Weighted-average number of common shares — basic

     29,479,023        19,973,393        27,941,095        17,944,432   
 

 

 

    

 

 

    

 

 

    

 

 

  

Weighted-average number of common shares — diluted

     29,479,023        19,973,393        27,941,095        17,944,432   
 

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings per common share

   $ 0.04      $ 0.13      $ 0.10      $ 0.29   
 

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings per common share

   $ 0.04      $ 0.13      $ 0.10      $ 0.29   
 

 

 

    

 

 

    

 

 

    

 

 

  

Other Information:

        

Weighted-average number of OP units

     284,992        345,485        304,940        353,405   
 

 

 

    

 

 

    

 

 

    

 

 

  

Unvested restricted common stock outstanding

         1,277,010        974,406