Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share of Common Stock

v3.5.0.2
Earnings per Share of Common Stock
 6 Months Ended
Jun. 30, 2016
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 net 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:

    2016     2015     2016     2015  
     (in millions, except share and per share data)  

Net income attributable to controlling shareholders and participating securities

    $ 3.8      $ 1.5      $ 6.9      $ 3.6   

Less: Dividends paid on participating securities

      (0.4 )      (0.3 )      (0.9 )      (0.7 ) 

Undistributed earnings attributable to participating securities

      —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to controlling shareholders

    $ 3.4      $ 1.2      $ 6.0      $ 2.9   
  

 

 

    

 

 

    

 

 

    

 

 

  

Denominator:

                         

Weighted-average number of common shares — basic

      37,737,026        29,479,023        37,376,618        27,941,095   
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted-average number of common shares — diluted

      37,737,026        29,479,023        37,376,618        27,941,095   
  

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings per common share

    $ 0.09      $ 0.04      $ 0.16      $ 0.10   
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings per common share

    $ 0.09      $ 0.04      $ 0.16      $ 0.10   
  

 

 

    

 

 

    

 

 

    

 

 

  

Other Information:

         

Weighted-average number of OP units

      284,992        284,992        284,992        304,940   
  

 

 

    

 

 

    

 

 

    

 

 

  

Unvested restricted common stock outstanding

          1,330,026        1,277,010