HA Sustainable Infrastructure Capital, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share of Common Stock

Earnings per Share of Common Stock

3 Months Ended

Mar. 31, 2016

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 March 31,
Numerator:	2016			2015
	(in millions, except share and per share data)
Net income attributable to controlling shareholders and participating securities	$	3.2		$	2.1
Less: Dividends paid on participating securities		(0.6	)		(0.4	)
Undistributed earnings attributable to participating securities		—			—

Net income attributable to controlling shareholders	$	2.6		$	1.7


Denominator:
Weighted-average number of common shares — basic		37,016,210			26,386,080

Weighted-average number of common shares — diluted		37,016,210			26,386,080

Basic earnings per common share	$	0.07		$	0.07

Diluted earnings per common share	$	0.07		$	0.07

Other Information:
Weighted-average number of OP units		284,992			325,110

Unvested restricted common stock outstanding		1,866,771			1,520,286