Annual report pursuant to Section 13 and 15(d)

Earnings per Share of Common Stock

v3.3.1.900
Earnings per Share of Common Stock
12 Months Ended
Dec. 31, 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:

 

     Year ended December 31,  

Numerator:

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

Net income attributable to controlling shareholders and participating securities

   $ 8.0       $ 9.6   

Less: Dividends paid on participating securities

     (1.4      (0.8

Undistributed earnings attributable to participating securities

     —           —     
  

 

 

    

 

 

 

Net income attributable to controlling shareholders

   $ 6.6       $ 8.8   
  

 

 

    

 

 

 

Denominator:

             

Weighted-average number of common shares—basic

     30,761,151         20,656,826   
  

 

 

    

 

 

 

Weighted-average number of common shares—diluted

     30,761,151         20,656,826   
  

 

 

    

 

 

 

Basic earnings per common share

   $ 0.21       $ 0.43   
  

 

 

    

 

 

 

Diluted earnings per common share

   $ 0.21       $ 0.43   
  

 

 

    

 

 

 

Other Information:

             

Weighted-average number of OP units

     294,884         342,648   
  

 

 

    

 

 

 

Unvested restricted common stock outstanding

     1,248,069         964,820