Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2016

Summary of Significant Accounting Policies

Schedule of computation of basic and diluted earnings (loss) per common share

The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share data):

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Numerator:
Net income	$	39,427	$	63,084	$	106,379	$	117,944
Income from consolidated joint ventures attributable to noncontrolling interests		(2,053)		(1,982)		(5,358)		(6,643)
Preferred stock dividends and redemption charge		(3,207)		(2,300)		(12,756)		(6,900)
Dividends paid on unvested restricted stock compensation		(55)		(49)		(173)		(162)
Undistributed income allocated to unvested restricted stock compensation		(123)		(161)		(293)		(270)
Numerator for basic and diluted income attributable to common stockholders	$	33,989	$	58,592	$	87,799	$	103,969
Denominator:
Weighted average basic and diluted common shares outstanding		215,413		207,604		214,565		207,264
Basic and diluted income attributable to common stockholders per common share	$	0.16	$	0.28	$	0.41	$	0.50

Schedule of financial statement adjustments due to adoption of ASU 2016-09

The following financial statement line items have been adjusted on the Company’s consolidated balance sheet and consolidated statement of equity for the year ended December 31, 2015 in order to reverse the effects of forfeitures recognized in prior years, and on the consolidated statement of cash flows for the nine months ended September 30, 2015 to reclassify the repurchase of employee common stock for employee withholding obligations from an operating activity to a financing activity (in thousands):

			Effect of Change in
	As Originally Reported		Accounting Principle		As Adjusted
			(unaudited)		(unaudited)
Consolidated Balance Sheet and Consolidated Statement of Equity as of December 31, 2015 (audited):
Additional paid in capital	$	2,458,735	$	154	$	2,458,889
Retained earnings	$	652,858	$	(154)	$	652,704
Consolidated Statement of Cash Flows for the nine months ended September 30, 2015 (unaudited):
Amortization of deferred stock compensation	$	5,505	$	2,601		8,106
Accrued payroll and employee benefits	$	(5,693)	$	6,663	$	970
Net cash provided by operating activities	$	219,781	$	9,264	$	229,045
Repurchase of common stock for employee withholding obligations	$	—	$	(9,264)	$	(9,264)
Net cash used in financing activities	$	(192,639)	$	(9,264)	$	(201,903)