Note 13 - Net Income Attributable to Controlling Interests Per Common Share

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

13. Net Income Attributable to Controlling Interests Per Common Share

We compute net income (loss) attributable to controlling interests per common share by dividing net income (loss) attributable to controlling interests by the weighted-average number of shares of common stock (including participating securities) outstanding during the period, as discussed below. Diluted computations applicable in financial reporting periods in which we report income reflect the potential dilution to the basic income per share of common stock computations that could occur if securities or other contracts to issue common stock were exercised, were converted into common stock or were to result in the issuance of common stock that would share in our results of operations. In performing our net income (loss) attributable to controlling interests per share of common stock computations, we apply accounting rules that require us to include all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted calculations. Common stock and certain unvested share-based payment awards earn dividends equally, and we have included all outstanding restricted stock awards in our basic and diluted calculations for current and prior periods.

The following table sets forth the computations of net income attributable to controlling interests per share of common stock (in thousands, except per share data): 

	For the Year Ended December 31,
	2019			2018
Numerator:
Net income attributable to controlling interests	$	26,443		$	7,856
Preferred stock dividends and accretion		(1,153	)		—
Net income attributable to common shareholders	$	25,290		$	7,856
Denominator:
Basic (including unvested share-based payment awards) (1)		14,499			13,927
Effect of dilutive stock compensation arrangements		774			75
Diluted (including unvested share-based payment awards) (1)		15,273			14,002
Net income attributable to common shareholders per share—basic	$	1.74		$	0.56
Net income attributable to common shareholders per share—diluted	$	1.66		$	0.56

( 1 ) Shares related to unvested share-based payment awards included in our basic and diluted share counts were 512,636 for the year ended   December 31, 2019 , compared to 272,172 for the year ended   December 31, 2018 .

As their effects were anti-dilutive, we excluded stock options to purchase

0.5

 million and

2.9

 million shares from our net income attributable to controlling interests per share of common stock calculations for the years ended

December 31, 2019

and

2018,

respectively.  Additionally, as their effects were anti-dilutive, we excluded all shares associated with our Series A Preferred Stock. See Note

16

"Related Party Transactions" for a further discussion of our Series A Preferred Stock.

For the years ended

December 31, 2019

and

2018

, there were

no

shares potentially issuable and thus includible in the diluted net income attributable to controlling interests per share of common stock calculations pursuant to our convertible senior notes. However, in future reporting periods during which our closing stock price is above the

$24.61

conversion price for the convertible senior notes, and depending on the closing stock price at conversion, the maximum potential dilution under the conversion provisions of such notes is

1

.4

 million shares, which could be included in diluted share counts in net income per share of common stock calculations. See Note

10

, “Convertible Senior Notes,” for a further discussion of these convertible securities.