Earnings Per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

The limited partners’ outstanding common units in the Operating Partnership (which may be converted to common shares of beneficial interest) have been excluded from the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners’ share of income or loss would also be added back to net income or loss. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested restricted shares (participating securities) have been excluded, as applicable, from net income or loss attributable to common shareholders used in the basic and diluted earnings per share calculations. Net income or loss figures are presented net of noncontrolling interests in the earnings per share calculations.

For the three months ended March 31, 2015 and 2014, diluted weighted average common shares do not include the impact of outstanding unvested compensation-related shares because the Company is in a net loss position, the effect of these items on diluted earnings per share would be anti-dilutive. For the three months ended March 31, 2015 and 2014, there were 405,526 and 310,385 anti-dilutive compensation-related shares outstanding, respectively.

The computation of basic and diluted earnings per common share is as follows:

	For the three months ended
	March 31,
	2015			2014
Numerator:
Net loss attributable to common shareholders	$	(319	)	$	(8,972	)
Dividends paid on unvested restricted shares	(119		)	(102		)
Undistributed earnings attributable to unvested restricted shares	0			0
Net loss attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	(438	)	$	(9,074	)
Denominator:
Weighted average number of common shares - basic	112,647,715			103,691,657
Effect of dilutive securities:
Compensation-related shares	0			0
Weighted average number of common shares - diluted	112,647,715			103,691,657
Earnings per Common Share - Basic:
Net loss attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	0.00		$	(0.09	)
Earnings per Common Share - Diluted:
Net loss attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	0.00		$	(0.09	)