Earnings per Share

3 Months Ended

Mar. 31, 2017

Disclosure Text Block

Earnings per Share

12.      Earnings per Share

Basic earnings per share (“EPS”) is computed by dividing net income (loss) attributable to controlling interests by the weighted average number of shares of Class A common stock outstanding during the period. Shares of Class B common stock are not included in the calculation of earnings per share because they are not participating securities and have no economic interest in the Company. Diluted earnings per share takes into account the potential dilutive effect of shares that could be issued by the Company in conjunction with the Series A preferred stock and from stock awards that have been granted to directors and employees. Awards of non-vested shares are considered outstanding as of the respective grant dates for purposes of computing diluted EPS even though the award is contingent upon vesting. For the three months ending March 31, 2017, 1,385,065 restricted stock units, 942,073 performance share units, and 31,405,672 shares from the convertible Class A preferred stock, were excluded from the calculation as they would have had an anti-dilutive effect.

The following is a calculation of the basic and diluted weighted-average number of shares of Class A common stock outstanding and EPS:

	Three Months Ended March 31,
(in thousands, except per share data)	2017		2016
Income (numerator):
Net income (loss) attributable to controlling interests	$	(1,387)	$	18,911
Less: Dividends and accretion on preferred stock		(2,027)		—
Net income (loss) attributable to common shareholder	$	(3,414)	$	18,911
Weighted-average shares (denominator): (1)
Weighted-average number of shares of Class A common stock - basic		62,197		33,222
Weighted-average number of shares of Class A common stock - diluted		62,197		33,222
Earnings (loss) per share: (1)
Basic - Net income (loss) attributable to common shareholders	$	(0.05)	$	0.57
Diluted - Net income (loss) attributable to common shareholders	$	(0.05)	$	0.57

(1) All share and earnings per share information presented has been recast to retrospectively adjust for the effects of the 0.087423 per share Special Stock Dividend, as defined in Note 11, “Stockholders’ and Mezzanine equity”, distributed on March 31, 2017.