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Earnings Per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 9 – EARNINGS PER SHARE

 

The following table is a reconciliation of the income or loss (numerator) and the weighted average shares (denominator) used in the calculation of basic and diluted earnings per common share. The computation of basic and diluted earnings per share is presented below.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2014

 

 

2013

 

 

2014

 

 

2013

NUMERATOR:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted*

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

 

$
7,587 

 

$
5,830 

 

$
61,217 

 

$
17,559 

Loss (Income) from Continuing Operations allocated to Noncontrolling Interests

 

 
49 

 

 
45 

 

 
(1,152)

 

 
463 

Distributions to Preferred Shareholders

 

 
(3,589)

 

 
(3,589)

 

 
(10,767)

 

 
(11,022)

Dividends Paid on Unvested Restricted Shares

 

 
(149)

 

 
(228)

 

 
(403)

 

 
(697)

Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Stock

 

 

 -

 

 

 -

 

 

 -

 

 
(2,250)

Income from Continuing Operations attributable to Common Shareholders

 

 
3,898 

 

 
2,058 

 

 
48,895 

 

 
4,053 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued Operations

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) from Discontinued Operations

 

 

 -

 

 
(3,531)

 

 
(1,557)

 

 
(4,850)

Loss from Discontinued Operations allocated to Noncontrolling Interests

 

 

 -

 

 
119 

 

 
52 

 

 
165 

(Loss) from Discontinued Operations attributable to Common Shareholders

 

 

 -

 

 
(3,412)

 

 
(1,505)

 

 
(4,685)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) attributable to Common Shareholders

 

$
3,898 

 

$
(1,354)

 

$
47,390 

 

$
(632)

 

 

 

 

 

 

 

 

 

 

 

 

 

DENOMINATOR:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - basic

 

 
198,597,517 

 

 
198,878,496 

 

 
199,270,719 

 

 
198,186,963 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock Awards (unvested)

 

 
1,387,462 

 

 
2,498,237 

 

 
1,205,386 

 

 
2,027,128 

Contingently Issued Shares

 

 
637,007 

 

 
267,900 

 

 
629,747 

 

 
1,273,997 

Weighted average number of common shares - diluted

 

 
200,621,986 

 

 
201,644,633 

 

 
201,105,852 

 

 
201,488,088 

 

*Income (loss) allocated to noncontrolling interest in HHLP has been excluded from the numerator and units of limited partnership interest in HHLP have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact.  In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) from continuing operations applicable to common shareholders.

 

The following table summarizes potentially dilutive securities that have been excluded from the denominator for the purpose of computing diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

Common Units of Limited Partnership Interest

 
6,914,716 

 
6,914,716 

 
6,914,716 

 
6,986,004 

Total potentially dilutive securities
excluded from the denominator

 
6,914,716 

 
6,914,716 

 
6,914,716 

 
6,986,004