XML 40 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
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.
 
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
June 30,
 
 For the Six Months Ended
June 30,
 
 
2016
 
2015
 
2016
 
2015
Numerator:
 
 

 
 

 
 

 
 

Net income
 
$
21,955

 
$
16,301

 
$
70,689

 
$
26,892

Less: Preferred dividends
 
(4,147
)
 
(4,147
)
 
(8,294
)
 
(8,294
)
Allocation to participating securities
 
(51
)
 
(38
)
 
(80
)
 
(60
)
Attributable to non-controlling interest
 
(90
)
 
(97
)
 
(339
)
 
(154
)
Net income attributable to common stockholders, net of amount allocated to participating securities
 
$
17,667

 
$
12,019

 
$
61,976

 
$
18,384

Denominator:
 
 

 
 

 
 

 
 

Weighted average common shares outstanding - basic
 
86,433

 
85,831

 
86,396

 
85,768

Dilutive effect of equity-based compensation awards
 
922

 
1,177

 
868

 
1,179

Weighted average common shares outstanding - diluted
 
87,355

 
87,008

 
87,264

 
86,947

Earnings per share:
 
 

 
 

 
 

 
 

Basic
 
$
0.20

 
$
0.14

 
$
0.72

 
$
0.21

Diluted
 
$
0.20

 
$
0.14

 
$
0.71

 
$
0.21



All outstanding stock options were included in the computation of diluted earnings per share for the three and six months ended June 30, 2016 and 2015 due to their dilutive effect.