Net loss per share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Net loss per share

Note 11. Net loss per share

The following table reflects the computation of net loss per share on a basic and diluted basis for the three and nine months ended September 30, 2013 and 2012 (in thousands, except share information):

	Three months ended September 30,						Nine months ended September 30,
	2013			2012			2013			2012
Income / loss (numerator):
Loss from continuing operations	$	(3,861	)	$	(2,675	)	$	(10,603	)	$	(4,405	)
Income from discontinued operations		—			—			1,008			—
Noncontrolling interest		3,798			—			9,357			—
Conversion of preferred units		—			—			10,456			—
Net loss attributable to common shareholders	$	(7,659	)	$	(2,675	)	$	(29,408	)	$	(4,405	)
Weighted-average shares (denominator):
Class A common shares issued in formation transactions		3,301,000			3,301,000			3,301,000			3,301,000
Class B common shares issued in formation transactions		667			667			667			667
Class A common shares issued in 2012 Offering		35,362,998			—			35,362,998			—
Class A common shares issued in 2013 Offering		46,718,750			—			34,397,321			—
Class B common shares issued in connection with 2,770 Property Contribution		634,408			—			499,625			—
Class A common shares issued to members of board of trustees		6,500			—			4,286			—
Class A common shares issued in settlement of subscription agreement		434,783			—			267,559			—
Class A common shares issued in connection with Alaska Joint Venture Acquisition		43,609,394			—			17,891,033			—
Class A common shares issued in connection with IPO		26,854,220			—			9,049,774			—
Class A common shares issued in connection with 2013 Concurrent Private Placements		2,853,261			—			961,538			—
Class A common shares issued in connection with IPO over-allotment exercise		2,949,169			—			993,860			—
Total weighted-average shares		162,725,150			3,301,667			102,729,661			3,301,667
Net loss per share- basic and diluted:
Loss from continuing operations	$	(0.05	)	$	(0.81	)	$	(0.30	)	$	(1.33	)
Income from discontinued operations		—			—			0.01			—
Net loss per share- basic and diluted	$	(0.05	)	$	(0.81	)	$	(0.29	)	$	(1.33	)

The Company accounted for the issuance of 3,301,000 Class A common shares and 667 Class B common shares associated with the initial contribution by the Sponsor in December 2012, as a formation transaction and has reflected these shares outstanding as of the earliest period presented.

Total weighted average shares for the three and nine months ended September 30, 2013 shown above excludes an aggregate of 54,263,266 of shares or units in our Operating Partnership (see Note 7), the subscription agreement (see Note 7), and stock options (see Note 7) because they were antidilutive and not related to the formation of the Company.

Due to the inherent complexity of the accompanying condensed consolidated financial statements as a result of the transactions completed between entities under common control (see Note 9), management does not consider the historical net loss per share computations to be meaningful.