Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The computation of basic and diluted earnings per share for the three years ended December 31, 2019 was as follows (in thousands; except per share data):

	Year Ended December 31,
	2019			2018			2017
Numerator:
Income (loss) from continuing operations	$	29,132		$	1,153		$	(3,568	)
Net loss attributable to noncontrolling interests	—			—			56
Allocation of losses (earnings) from continuing operations to unvested restricted share awards	(125		)	(526		)	(362		)
Adjusted income (loss) from continuing operations attributable to the controlling interests	29,007			627			(3,874		)
Income from discontinued operations, including gain on sale of real estate	354,418			24,477			23,180
Net loss attributable to noncontrolling interests	—			—			—
Allocation of earnings from discontinued operations to unvested restricted share awards	(1,837		)	—			—
Adjusted income from discontinued operations	352,581			24,477			23,180
Adjusted net income attributable to the controlling interests	$	381,588		$	25,104		$	19,306
Denominator:
Weighted average shares outstanding – basic	80,257			78,960			76,820
Effect of dilutive securities:
Operating partnership units	12			12			—
Employee restricted share awards	66			70			—
Weighted average shares outstanding – diluted	80,335			79,042			76,820
Earnings per common share, basic:
Continuing operations	$	0.36		$	0.01		$	(0.05	)
Discontinued operations	4.39			0.31			0.30
Basic net income attributable to the controlling interests per common share	$	4.75		$	0.32		$	0.25
Earnings per common share, diluted:
Continuing operations	$	0.36		$	0.01		$	(0.05	)
Discontinued operations	4.39			0.31			0.30
Diluted net income attributable to the controlling interests per common share	$	4.75		$	0.32		$	0.25
Dividends declared per common share	$	1.20		$	1.20		$	1.20