Earnings Per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

15. 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 years ended December 31, 2016, 2015 and 2014.

Earnings per share are calculated as follows:

	Years Ended December 31,
(In thousands, except per share data)	2016		2015		2014
Basic net income per share:
Net income attributable to InfraREIT, Inc.	$	49,954	$	13,267	$	22,898
Weighted average common shares outstanding		43,668		42,983		35,053
Basic net income per share	$	1.14	$	0.31	$	0.65
Diluted net income per share:
Net income attributable to InfraREIT, Inc.	$	49,954	$	13,267	$	22,898
Weighted average common shares outstanding		43,668		42,983		35,053
Redemption of Operating Partnership units		—		—		—
Weighted average dilutive shares outstanding		43,668		42,983		35,053
Diluted net income per share	$	1.14	$	0.31	$	0.65
Due to the anti-dilutive effect, the computation of diluted     earnings per share does not reflect the following adjustments:
Net income attributable to noncontrolling interest	$	19,347	$	6,664	$	6,882
Redemption of Operating Partnership units		16,968		16,232		10,578