EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2015

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

NOTE 15 — 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 December 31, 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. All outstanding stock options were included in the computation of diluted earnings per share for the year ended December 31, 2015 due to their dilutive effect.

In 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, net of amount allocated to participating securities.

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

	2015		2014		2013
Numerator:
Income from continuing operations	$	125,256	$	20,431	$	6,625
Less: Preferred dividends	16,588		16,588		14,590
Allocation to participating securities	118		94		73
Attributable to non-controlling interest	819		46		44
Income (loss) from continuing operations attributable to common stockholders	107,731		3,703		(8,082		)
Income (loss) from discontinued operations attributable
to common stockholders	—		486		(703		)
Net income (loss) attributable to common stockholders, net of amount allocated to participating securities	$	107,731	$	4,189	$	(8,785	)
Denominator:
Weighted average common shares outstanding - basic	85,920		85,242		70,327
Dilutive effect of equity-based compensation awards	1,224		324		—
Weighted average common shares outstanding - diluted	87,144		85,566		70,327
Earnings per common share - basic:
Net income (loss) from continuing operations	$	1.25	$	0.04	$	(0.11	)
Net income (loss) from discontinued operations	—		0.01		(0.01		)
Net income (loss)	$	1.25	$	0.05	$	(0.12	)
Earnings per common share - diluted:
Net income (loss) from continuing operations	$	1.24	$	0.04	$	(0.11	)
Net income (loss) from discontinued operations	—		0.01		(0.01		)
Net income (loss)	$	1.24	$	0.05	$	(0.12	)