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Earnings Per Share
 12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities.
The following table presents a reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data):
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
Income (loss) from continuing operations
$
(18,326
)
 
$
51,851

 
$
81,912

Net income attributable to noncontrolling interests
(13,936
)
 
(4,526
)
 
(4,876
)
Preferred dividends
(32,495
)
 
(48,444
)
 
(51,320
)
Premium above book value on redemption of preferred stock
—

 
(16,314
)
 
—

Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for basic earnings per common share(1)
$
(64,757
)
 
$
(17,433
)
 
$
25,716

Add: Effect of joint venture shares
—

 
—

 
7

Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders and Participating Security Holders for diluted earnings per common share(1)
$
(64,757
)
 
$
(17,433
)
 
$
25,723

_______________________________________________________________________________
(1)
For the year ended December 31, 2016, includes income from continuing operations allocable to Participating Security Holders of $8 and $8 on a basic and dilutive basis, respectively.
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
Earnings allocable to common shares:
 
 
 
 
 
Numerator for basic earnings per share:
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
$
(64,757
)
 
$
(17,433
)
 
$
25,708

Income from discontinued operations
—

 
4,939

 
18,264

Gain from discontinued operations
—

 
123,418

 
—

Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(64,757
)
 
$
110,924

 
$
43,972

 
 
 
 
 
 
Numerator for diluted earnings per share:
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
$
(64,757
)
 
$
(17,433
)
 
$
25,715

Income from discontinued operations
—

 
4,939

 
18,264

Gain from discontinued operations
—

 
123,418

 
—

Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(64,757
)
 
$
110,924

 
$
43,979

 
 
 
 
 
 
Denominator for basic and diluted earnings per share:
 
 
 
 
 
Weighted average common shares outstanding for basic earnings per common share
67,958

 
71,021

 
73,453

Add: Effect of assumed shares issued under treasury stock method or restricted stock units
—

 
—

 
84

Add: Effect of joint venture shares
—

 
—

 
298

Weighted average common shares outstanding for diluted earnings per common share
67,958

 
71,021

 
73,835

 
 
 
 
 
 
Basic earnings per common share:
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
$
(0.95
)
 
$
(0.25
)
 
$
0.35

Income from discontinued operations
—

 
0.07

 
0.25

Gain from discontinued operations
—

 
1.74

 
—

Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(0.95
)
 
$
1.56

 
$
0.60

 
 
 
 
 
 
Diluted earnings per common share:
 
 
 
 
 
Income (loss) from continuing operations attributable to iStar Inc. and allocable to common shareholders
$
(0.95
)
 
$
(0.25
)
 
$
0.35

Income from discontinued operations
—

 
0.07

 
0.25

Gain from discontinued operations
—

 
1.74

 
—

Net income (loss) attributable to iStar Inc. and allocable to common shareholders
$
(0.95
)
 
$
1.56

 
$
0.60



For the years ended December 31, 2018, 2017 and 2016, the following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)(1)(2)(3)(4):
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
Joint venture shares
—

 
255

 
—

3.00% convertible senior unsecured notes
—

 
—

 
14,764

Series J convertible perpetual preferred stock
15,704

 
15,635

 
15,635

1.50% convertible senior unsecured notes
—

 
—

 
9,868


_______________________________________________________________________________
(1)
For the year ended December 31, 2016, the effect of 16 and 125 unvested time and market-based Units, respectively, were anti-dilutive.
(2)
For the year ended December 31, 2017, the effect of 6 and 17 unvested time and market-based Units, respectively, were anti-dilutive.
(3)
For the year ended December 31, 2018, the effect of the Company's unvested Units, CSEs and restricted stock awards were anti-dilutive due to the Company having a net loss for the period.
(4)
The Company will settle conversions of the 3.125% Convertible Notes by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the year ended December 31, 2017 and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.