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EARNINGS (LOSS) PER SHARE
 3 Months Ended
Mar. 31, 2015
EARNINGS (LOSS) PER SHARE  
EARNINGS (LOSS) PER SHARE

 

NOTE 14 - EARNINGS (LOSS) 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 non-forfeitable dividends and for our common stock. Our non-vested time-based restricted stock awards with non-forfeitable 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 non-forfeitable dividends do not have such an obligation so they are not allocated losses.

 

At March 31, 2014, 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.

 

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

                                                                                                                                                                                                               

 

 

For the Three Months Ended March 31,

 

 

 

2015

 

2014

 

Numerator:

 

 

 

 

 

Income from continuing operations

 

$
10,591

 

$
2,947

 

Less: Preferred dividends

 
4,147

 
4,147

 

Allocation to participating securities

 
21

 
15

 

Attributable to noncontrolling interest

 
57

 
(138

)

Income (loss) from continuing operations attributable to common stockholders, net of amount allocated to participating securities 

 
6,366

 
(1,077

)

Income from discontinued operations attributable to common stockholders, net of amount allocated to participating securities

 

—

 
373

 

Net income (loss) attributable to common stockholders, net of amount allocated to participating securities

 

$
6,366

 

$
(704

)

Denominator:

 

 

 

 

 

Weighted average common shares outstanding - basic

 
85,704

 
85,097

 

Dilutive effect of equity-based compensation awards

 
1,171

 

—

 

Weighted average common shares outstanding - diluted

 
86,875

 
85,097

 

Earnings per share:

 

 

 

 

 

Basic and diluted net income (loss) from continuing operations

 

$
0.07

 

$
(0.01

)

Basic and diluted net income (loss) from discontinued operations

 

—

 

—

 

Basic and diluted net income (loss)

 

$
0.07

 

$
(0.01

)