10. Earnings Per Share

A participating security is defined by GAAP as an unvested stock-based payment award containing non-forfeitable rights to dividends and must be included in the computation of earnings per share pursuant to the two-class method. Unvested restricted stock awards are considered participating securities as these stock-based awards contain non-forfeitable rights to dividends irrespective of whether the awards ultimately vest or expire. During the years ended December 31, 2013, December 31, 2012 and the period April 20, 2011 to December 31, 2011, there were 218,934, 155,488 and 80,809, respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities, which were not dilutive. For purposes of calculating basic and diluted earnings per share, awards under the 2011 Outperformance Program (the "OPP") (to be discussed in Note 14) are considered contingently issuable shares. Because the OPP awards require the Company to outperform absolute and relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, the Company excludes the awards from the basic and diluted earnings per share calculation. As of December 31, 2013 and December 31, 2012, the absolute and relative return thresholds were met; however, the OPP awards have been excluded from the diluted earnings per share calculation as they were anti-dilutive. As of December 31, 2011, the absolute and relative return thresholds were not met. In no event will the 2011 OPP awards be earned and paid out unless the absolute and relative prefomance thesholds are met on September 20, 2014

The following tables set forth the computation of basic and diluted earnings per common share for the years ended December 31, 2013, December 31, 2012 and the period from April 20, 2011 to December 31, 2011, respectively (in thousands, except share data).

	Year ended December 31, 2013

Numerator
Net income from continuing operations	$	106
Less: preferred stock dividends		9,495
Less: amount allocable to unvested restricted stockholders		262
Less: noncontrolling interest after preferred stock dividends allocable to continuing operations		(1,267	)


Loss from continuing operations available to common stockholders	$	(8,384	)




Income attributable to discontinued operations	$	4,796
Less: noncontrolling interest allocable to discontinued operations		647


Income from discontinued operations attributable to common stockholders	$	4,149




Denominator
Weighted average common shares outstanding—basic and diluted		42,364,125


Loss from continuing operations attributable to common stockholders	$	(0.20	)
Income from discontinued operations attributable to common stockholders		0.10


Loss per share—basic and diluted	$	(0.10	)

	Year ended December 31, 2012

Numerator
Net loss from continuing operations	$	(7,817	)
Less: preferred stock dividends		6,210
Less: amount allocable to unvested restricted stockholders		122
Less: noncontrolling interest after preferred stock dividends allocable to continuing operations		(3,180	)


Loss from continuing operations available to common stockholders	$	(10,969	)




Loss attributable to discontinued operations	$	(2,382	)
Less: noncontrolling interest allocable to discontinued operations		(540	)


Loss from discontinued operations attributable to common stockholders	$	(1,842	)




Denominator
Weighted average common shares outstanding—basic and diluted		25,046,664


Loss from continuing operations attributable to common stockholders	$	(0.44	)
Loss from discontinued operations attributable to common stockholders		(0.07	)


Loss per share—basic and diluted	$	(0.51	)

	Period from April 20, 2011 to December 31, 2011

Numerator
Net loss from continuing operations	$	(10,510	)
Less: preferred stock dividends		1,018
Less: Amount allocable to unvested restricted stockholders		—
Less: noncontrolling interest after preferred stock dividends allocable to continuing operations		(3,821	)


Loss from continuing operations available to common stockholders	$	(7,707	)




Income attributable to discontinued operations	$	1,283
Less: noncontrolling interest allocable to discontinued operations		425


Income from discontinued operations available to common stockholders	$	858




Denominator
Weighted average common shares outstanding—basic and diluted		15,630,910


Loss from continuing operations attributable to common stockholders	$	(0.49	)
Income from discontinued operations attributable to common stockholders		0.05


Loss per common share—basic and diluted	$	(0.44	)

Earnings (loss) per share are not presented for the period January 1, 2011 to April 19, 2011 as the IPO did not close until April 20, 2011.