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Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Income (Loss) Per Share
Income (Loss) Per Share
Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share.
The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
Net loss allocated to common shareholders:
 
 
 
 
 
 
 
Net loss attributable to the Company
$
(13,495
)
 
$
(16,335
)
 
$
(17,469
)
 
$
(23,915
)
Less: Dividends on preferred stocks
(8,490
)
 
(8,490
)
 
(25,471
)
 
(25,471
)
Less: Dividends on common stock
(10,661
)
 
(9,617
)
 
(30,930
)
 
(27,223
)
Less: Dividends on unvested restricted shares
(73
)
 
(51
)
 
(231
)
 
(163
)
Undistributed loss
(32,719
)
 
(34,493
)
 
(74,101
)
 
(76,772
)
Add back: Dividends on common stock
10,661

 
9,617

 
30,930

 
27,223

Distributed and undistributed net loss - basic and diluted
$
(22,058
)
 
$
(24,876
)
 
$
(43,171
)
 
$
(49,549
)
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
Weighted average shares outstanding - basic and diluted
90,322

 
79,898

 
86,961

 
72,068

 
 
 
 
 
 
 
 
Basic loss per share:
 
 
 
 
 
 
 
Net loss allocated to common shareholders per share
$
(0.24
)
 
$
(0.31
)
 
$
(0.50
)
 
$
(0.69
)
 
 
 
 
 
 
 
 
Diluted loss per share:
 
 
 
 
 
 
 
Net loss allocated to common shareholders per share
$
(0.24
)
 
$
(0.31
)
 
$
(0.50
)
 
$
(0.69
)

Due to the anti-dilutive effect, the computation of diluted loss per share does not reflect adjustments for the following items (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
Net loss allocated to common shareholders is not adjusted for:
 
 
 
 
 
 
 
Income allocated to unvested restricted shares
$
73

 
$
51

 
$
231

 
$
163

Net loss attributable to noncontrolling interest in operating partnership units
(2,585
)
 
(2,892
)
 
(4,234
)
 
(5,152
)
Total
$
(2,512
)
 
$
(2,841
)
 
$
(4,003
)
 
$
(4,989
)
 
 
 
 
 
 
 
 
Weighted average diluted shares are not adjusted for:
 
 
 
 
 
 
 
Effect of unvested restricted shares
148

 
122

 
111

 
124

Effect of assumed conversion of operating partnership units
19,926

 
18,962

 
19,725

 
18,607

Total
20,074

 
19,084

 
19,836

 
18,731