Earnings Per Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share

18. Earnings Per Share

Basic earnings per share is calculated by dividing net earnings after noncontrolling interest by the weighted average shares outstanding. Diluted earnings per share is calculated similarly, except that it includes the dilutive effect of the assumed redemption of OP Units for shares of common stock of InfraREIT, Inc. or common shares of InfraREIT, L.L.C., as applicable, if such redemption were dilutive. The redemption of OP Units would have been anti-dilutive during the three and nine months ended September 30, 2015 and 2014.

Earnings per share are calculated as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2015		2014		2015			2014
Basic net income per share:
Net income (loss) attributable to InfraREIT, Inc.	$	13,972	$	11,894	$	(6,539	)	$	19,974
Weighted average common shares outstanding		43,565		35,053		42,787			35,053
Basic net income (loss) per share	$	0.32	$	0.34	$	(0.15	)	$	0.57
Diluted net income per share:
Net income (loss) attributable to InfraREIT, Inc.	$	13,972	$	11,894	$	(6,539	)	$	19,974
Weighted average common shares outstanding		43,565		35,053		42,787			35,053
Redemption of operating partnership units		—		—		—			—
Weighted average dilutive shares outstanding		43,565		35,053		42,787			35,053
Diluted net income (loss) per share	$	0.32	$	0.34	$	(0.15	)	$	0.57
Due to the anti-dilutive effect, the computation of diluted earnings     per share does not reflect the following adjustments:
Net income (loss) attributable to noncontrolling interest	$	5,458	$	3,621	$	(1,061	)	$	6,046
Redemption of operating partnership units		17,028		10,656		15,964			10,546