Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Significant Accounting Policies

Schedule of computation of basic and diluted earnings per common share

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

	Year Ended		Year Ended		Year Ended
	December 31, 2016		December 31, 2015		December 31, 2014
Numerator:
Net income	$	140,677	$	355,519	$	87,939
Income from consolidated joint ventures attributable to noncontrolling interests		(6,480)		(8,164)		(6,708)
Preferred stock dividends and redemption charge		(15,964)		(9,200)		(9,200)
Dividends paid on unvested restricted stock compensation		(754)		(1,405)		(969)
Undistributed income allocated to unvested restricted stock compensation		—		(155)		—
Numerator for basic and diluted income attributable to common stockholders	$	117,479	$	336,595	$	71,062
Denominator:
Weighted average basic and diluted common shares outstanding		214,966		207,350		192,674
Basic and diluted income attributable to common stockholders per common share	$	0.55	$	1.62	$	0.37

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 years ended December 31, 2015 and 2014 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
2015:
Consolidated Balance Sheet and Consolidated Statement of Equity as of December 31, 2015:
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 year ended December 31, 2015:
Amortization of deferred stock compensation	$	6,536	$	3,159	$	9,695
Accrued payroll and employee benefits	$	(8,165)	$	6,105	$	(2,060)
Net cash provided by operating activities	$	300,061	$	9,264	$	309,325
Repurchase of common stock for employee withholding obligations	$	—	$	(9,264)	$	(9,264)
Net cash used in financing activities	$	(422,443)	$	(9,264)	$	(431,707)
2014:
Consolidated Statement of Cash Flows for the year ended December 31, 2014:
Amortization of deferred stock compensation	$	6,221	$	2,842	$	9,063
Accrued payroll and employee benefits	$	1,844	$	932	$	2,776
Net cash provided by operating activities	$	278,595	$	3,774	$	282,369
Repurchase of common stock for employee withholding obligations	$	—	$	(3,774)	$	(3,774)
Net cash provided by financing activities	$	245,872	$	(3,774)	$	242,098