Earnings per Share

9 Months Ended

Sep. 30, 2014

Earnings per Share

Earnings per Share

Note 15 — Earnings per Share

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 September 30, 2014 and 2013, we had 846,000 and 893,000 stock options outstanding, respectively, which were not included in the computation of diluted earnings per share as the effect would have been anti-dilutive.

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 September 30,						For the Nine Months Ended September 30,
	2014			2013			2014		2013
Numerator:
Income from continuing operations	$	8,339		$	2,830		$	20,487	$	10,481
Less: Preferred dividends	4,147			4,147			12,441		10,443
Allocation to participating securities	27			21			68		52
Attributable to noncontrolling interest	51			211			99		326
Income (loss) from continuing operations attributable to common stockholders	4,114			(1,549		)	7,879		(340		)
Income (loss) from discontinued operations attributable to common stockholders	(58		)	(3,258		)	275		(2,398		)
Net income (loss) attributable to common stockholders	$	4,056		$	(4,807	)	$	8,154	$	(2,738	)
Denominator:
Weighted average common shares outstanding - basic	85,303			68,157			85,192		65,460
Dilutive effect of equity-based compensation awards	613			457			512		394
Weighted average common shares outstanding - diluted	85,916			68,614			85,704		65,854
Earnings per common share - basic and diluted:
Net income (loss) from continuing operations	$	0.05		$	(0.02	)	$	0.09	$	(0.01	)
Net income (loss) from discontinued operations	—			(0.05		)	0.01		(0.03		)
Net income (loss)	$	0.05		$	(0.07	)	$	0.10	$	(0.04	)