Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

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):

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Numerator:
Net income	$	51,262	$	51,415	$	89,717	$	115,242
Income from consolidated joint venture attributable to noncontrolling interest		(2,374)		(2,183)		(4,813)		(4,175)
Preferred stock dividends		(3,207)		(3,207)		(6,414)		(6,414)
Distributions paid on unvested restricted stock compensation		(59)		(60)		(118)		(120)
Undistributed income allocated to unvested restricted stock compensation		(179)		(188)		(298)		(437)
Numerator for basic and diluted income attributable to common stockholders	$	45,443	$	45,777	$	78,074	$	104,096
Denominator:
Weighted average basic and diluted common shares outstanding		225,232		220,130		224,760		219,614
Basic and diluted income attributable to common stockholders per common share	$	0.20	$	0.21	$	0.35	$	0.47

Schedule of contract assets and liabilities

Trade receivables and contract liabilities consisted of the following (in thousands):

	June 30,		December 31,
	2018		2017
	(unaudited)
Trade receivables, net (1)	$	22,342	$	20,773
Contract liabilities (2)	$	13,738	$	13,454

(1) Trade receivables are included in accounts receivable, net on the accompanying consolidated balance sheets.

(2) Contract liabilities consist of advance deposits, and are included in other current liabilities on the accompanying consolidated balance sheets. Of the amount outstanding at December 31, 2017, approximately $2.1 million and $11.5 million was recognized in revenue during the three and six months ended June 30, 2018, respectively.