12. Earnings per Share

Basic earnings per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of the Company’s common stock outstanding during the period. All unvested stock-based payment awards are included in the computation of basic earnings per share. The computation of diluted earnings per share includes common stock issuable upon the conversion of Exchangeable Senior Notes and other potentially dilutive securities in the weighted average shares, unless the effect of their conversion is anti-dilutive in nature.

Computations of basic and diluted income (loss) per share for the periods presented are as follows (in thousands, except per share data):

	Three Months Ended March 31, 2015
	Income (Numerator)		Shares (Denominator)		Per Share Amount
Income from continuing operations	$	11,840
Preferred stock dividends		(3,050)
Loss from continuing operations attributable to noncontrolling interests		(2,166)
Income from continuing operations attributable to common stockholders		10,956

Loss from discontinued operations		(1,157)
Income from discontinued operations attributable to noncontrolling interests		9
Loss from discontinued operations attributable to common stockholders		(1,166)

Basic earnings per share:
Income from continuing operations attributable to common stockholders		10,956		64,720	$	0.17
Loss from discontinued operations attributable to common stockholders		(1,166)		64,720		(0.02)
Net income attributable to common stockholders		9,790		64,720	$	0.15

Effect of Dilutive Securities
Interest expense on exchangeable debt		1,356
Incremental shares from assumed conversion ⁽¹⁾				13,966

Diluted earnings per share:
Income from continuing operations attributable to common stockholders		12,312		78,686	$	0.15
Loss from discontinued operations attributable to common stockholders		(1,166)		78,686		(0.01)
Net income attributable to common stockholders	$	11,146		78,686	$	0.14

	Three Months Ended March 31, 2014
	Income (Numerator)		Shares (Denominator)		Per Share Amount
Income from continuing operations	$	109
Preferred stock dividends		(3,050)
Loss from continuing operations attributable to noncontrolling interests		(8)
Loss from continuing operations attributable to common stockholders		(2,933)

Income from discontinued operations		939
Loss from discontinued operations attributable to noncontrolling interests		(7)
Income from discontinued operations attributable to common stockholders		946

Basic earnings per share:
Loss from continuing operations attributable to common stockholders		(2,933)		64,495	$	(0.04)
Income from discontinued operations attributable to common stockholders		946		64,495		0.01
Loss attributable to common stockholders		(1,987)		64,495	$	(0.03)

Effect of Dilutive Securities
Incremental shares from assumed conversion ⁽¹⁾				434

Diluted earnings per share:
Loss from continuing operations attributable to common stockholders		(2,933)		64,929	$	(0.04)
Income from discontinued operations attributable to common stockholders		946		64,929		0.01
Loss attributable to common stockholders	$	(1,987)		64,929	$	(0.03)

⁽¹⁾

The effect of the inclusion of all potentially dilutive securities for 2015 is dilutive when computing diluted earnings per share. For the period ended March 31, 2015, shares issuable upon settlement of the exchange feature of the Exchangeable Senior Notes were dilutive and were included in the computation of diluted earnings per share based on the “if-converted” method. The computation of diluted earnings per share used net income adjusted for interest expense related to the Exchangeable Senior Notes of $1.4 million and a share price equal to the March 31, 2015 ending share value of $7.16 per share to calculate the incremental shares. For the period ended December 31, 2014, shares issuable upon settlement of the exchange feature of the Exchangeable Senior Notes were anti-dilutive and were not included in the computation of diluted earnings per share based on the “if-converted” method.