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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2015
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 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 September 30, 2014, we had 846,000 stock options outstanding which were not included in the computation of diluted earnings per share because inclusion of these stock options would have been anti-dilutive.

 

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 September 30,

 

For the Nine Months Ended September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Numerator:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$
13,606

 

$
3,766

 

$
40,498

 

$
15,914

 

Less:

Preferred dividends

 
4,147

 
4,147

 
12,441

 
12,441

 

 

Allocation to participating securities

 
29

 
27

 
89

 
68

 

 

Attributable to non-controlling interest

 
66

 
(5

)
220

 
43

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations attributable to common stockholders

 
9,364

 
(403

)
27,748

 
3,362

 

Income (loss) from discontinued operations attributable to common stockholders

 

—

 
(58

)

—

 
275

 

 

 

 

 

 

 

 

 

 

 

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

 

$
9,364

 

$
(461

)

$
27,748

 

$
3,637

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 
85,995

 
85,303

 
85,844

 
85,192

 

Dilutive effect of equity-based compensation awards

 
1,070

 

—

 
1,156

 
512

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 
87,065

 
85,303

 
87,000

 
85,704

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Basic net income from continuing operations

 

$
0.11

 

$
(0.01

)

$
0.32

 

$
0.04

 

Basic net income from discontinued operations

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Basic net income

 

$
0.11

 

$
(0.01

)

$
0.32

 

$
0.04