EARNINGS (LOSS) PER SHARE/UNIT

3 Months Ended

Mar. 31, 2014

EARNINGS (LOSS) PER SHARE/UNIT

EARNINGS (LOSS) PER SHARE/UNIT

NOTE 15 - EARNINGS (LOSS) PER SHARE/UNIT

We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested time-based restricted stock awards with nonforfeitable dividends and for our common stock. Our non-vested time-based restricted stock awards with nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. Our non-vested time-based restricted stock awards with nonforfeitable dividends do not have such an obligation so they are not allocated losses.

At March 31, 2014 and 2013, we had 893,000 stock options outstanding which were not included in the computation of diluted earnings per share, as the options’ exercise price was greater than the average market price of our common shares.

For the three months ended March 31, 2013, our basic and diluted earnings per share are based on basic weighted average common shares outstanding due to our loss attributable to common stockholders.

A summary of the components used to calculate basic and diluted earnings per share follows (in thousands, except per share):

	For the Three Months Ended March 31,
	2014			2013
Numerator:
Income from continuing operations	$	2,947		$	1,526
Less: Preferred dividends	4,147			2,452
Allocation to participating securities	15			21
Attributable to noncontrolling interest	(138		)	(83		)
Loss from continuing operations attributable to common stockholders	(1,077		)	(864		)
Income from discontinued operations attributable to common stockholders	373			339
Net loss attributable to common stockholders	$	(704	)	$	(525	)
Denominator:
Weighted average common shares outstanding - basic	85,097			62,684
Dilutive effect of equity-based compensation awards	430			266
Weighted average common shares outstanding - diluted	85,527			62,950
Earnings per common share - basic and diluted:
Net loss from continuing operations	$	(0.01	)	$	(0.01	)
Net income (loss) from discontinued operations	—			—
Net loss	$	(0.01	)	$	(0.01	)