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EARNINGS PER SHARE
 9 Months Ended
Sep. 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
September 30,
 
 For the Nine Months Ended
September 30,
 
 
2016
 
2015
 
2016
 
2015
Numerator:
 
 

 
 

 
 

 
 

Net income
 
$
27,198

 
$
13,606

 
$
97,887

 
$
40,498

Less: Preferred dividends
 
(4,993
)
 
(4,147
)
 
(13,287
)
 
(12,441
)
Allocation to participating securities
 
(47
)
 
(29
)
 
(127
)
 
(89
)
Attributable to non-controlling interest
 
(115
)
 
(66
)
 
(454
)
 
(220
)
Net income attributable to common stockholders, net of amount allocated to participating securities
 
$
22,043

 
$
9,364

 
$
84,019

 
$
27,748

Denominator:
 
 

 
 

 
 

 
 

Weighted average common shares outstanding - basic
 
86,492

 
85,995

 
86,428

 
85,844

Dilutive effect of equity-based compensation awards
 
909

 
1,070

 
891

 
1,156

Weighted average common shares outstanding - diluted
 
87,401

 
87,065

 
87,319

 
87,000

Earnings per share:
 
 

 
 

 
 

 
 

Basic
 
$
0.25

 
$
0.11

 
$
0.97

 
$
0.32

Diluted
 
$
0.25

 
$
0.11

 
$
0.96

 
$
0.32



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