Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share of Common Stock

v3.3.0.814
Earnings per Share of Common Stock
 9 Months Ended
Sep. 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
September 30,		     Nine Months Ended
September 30,		  

Numerator:

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

Net income attributable to controlling shareholders and participating securities

   $ 2,119      $ 2,564      $ 5,712      $ 8,145   

Less: Dividends paid on participating securities

     (321 )      (203 )      (1,012 )      (534 ) 

Undistributed earnings attributable to participating securities

     —          —          —          —     
 

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to controlling shareholders

   $ 1,798      $ 2,361      $ 4,700      $ 7,611   
 

 

 

    

 

 

    

 

 

    

 

 

  

Denominator:

                        

Weighted-average number of common shares — basic

     31,221,982        21,774,411        29,046,742        19,235,121   
 

 

 

    

 

 

    

 

 

    

 

 

  

Weighted-average number of common shares — diluted

     31,221,982        21,774,411        29,046,742        19,235,121   
 

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings per common share

   $ 0.06      $ 0.11      $ 0.16      $ 0.40   
 

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings per common share

   $ 0.06      $ 0.11      $ 0.16      $ 0.40   
 

 

 

    

 

 

    

 

 

    

 

 

  

Other Information:

        

Weighted-average number of OP units

     284,992        332,852        298,218        346,479   
 

 

 

    

 

 

    

 

 

    

 

 

  

Unvested restricted common stock outstanding

         1,297,584        973,520