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Earnings Per Share
 12 Months Ended
Dec. 31, 2016
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.









 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



 

For the Year Ended December 31,

 



 

 

2016

 

 

2015

 

 

2014

 

NUMERATOR:

 

 

 

 

 

 

 

 

 

 

Basic and Diluted*

 

 

 

 

 

 

 

 

 

 

Net Income from Continuing Operations

 

$

 121,457 

 

$

 42,207 

 

$

 69,936 

 

Income allocated to Noncontrolling Interests

 

 

 (4,477)

 

 

 (411)

 

 

 (1,069)

 

Distributions to Preferred Shareholders

 

 

 (17,380)

 

 

 (14,356)

 

 

 (14,356)

 

Dividends Paid on Unvested Restricted Shares and LTIP Units

 

 

 (503)

 

 

 (453)

 

 

 (515)

 

Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares

 

 

 (4,021)

 

 

 -

 

 

 -

 

Net Income from Continuing Operations attributable to Common Shareholders

 

$

 95,076 

 

$

 26,987 

 

$

 53,996 

 



 

 

 

 

 

 

 

 

 

 

Discontinued Operations

 

 

 

 

 

 

 

 

 

 

Loss from Discontinued Operations

 

 

 -

 

 

 -

 

 

 (1,665)

 

Loss from Discontinued Operations allocated to Noncontrolling Interests

 

 

 -

 

 

 -

 

 

 53 

 

Loss from Discontinued Operations attributable to Common Shareholders

 

 

 -

 

 

 -

 

 

 (1,612)

 

Net Income attributable to Common Shareholders

 

$

 95,076 

 

$

 26,987 

 

$

 52,384 

 



 

 

 

 

 

 

 

 

 

 

DENOMINATOR:

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - basic

 

 

 42,957,199 

 

 

 47,786,811 

 

 

 49,777,302 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

Restricted Stock Awards and LTIP Units (unvested)

 

 

 278,588 

 

 

 303,949 

 

 

 347,829 

 

Contingently Issued Shares

 

 

 294,944 

 

 

 278,898 

 

 

 182,375 

 

Weighted average number of common shares - diluted

 

 

 43,530,731 

 

 

 48,369,658 

 

 

 50,307,506 

 





*Income (loss) allocated to noncontrolling interest in HHLP has been excluded from the numerator and Common Units and Vested LTIP Units 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) applicable to common shareholders.