Earnings Per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

Basic earnings per common share is determined by dividing net income, less preferred stock dividends, by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding, assuming all potentially dilutive shares were issued.

We apply the treasury stock method to determine the dilutive weighted average common shares represented by the unvested restricted stock units and employee stock purchase plan shares. The diluted earnings per share calculation assumes the conversion of 100% of our outstanding Preferred Stock on an as if converted basis. Accordingly, the numerator is also adjusted to include the earnings allocated to the noncontrolling interest after taking into account the tax effect of such exchange.

The following table summarizes the basic and diluted earnings per share calculations (in thousands, except per share amounts):

	Three Months Ended
	March 31,
	2015			2014
Numerator - Basic
Income from continuing operations	$	46,401		$	60,362
Less: Net income attributable to noncontrolling interest	(12,122		)	(18,499		)
Net income available to common shareholders	$	34,279		$	41,863
Numerator - Diluted
Income from continuing operations attributable to common shareholders	$	34,279		$	41,863
Add: Net income attributable to noncontrolling interest (1)	9,938			14,560
Dilutive net income available to common shareholders	$	44,217		$	56,423
Denominator
Basic weighted average common shares	154,329			153,524
Exchange of noncontrolling interest for common stock (Note 11)	52,976			52,976
Restricted stock units	1,173			702
Stock to be issued pursuant to employee stock purchase plan	1			—
Diluted weighted average common shares	208,479			207,202
Earnings per common share:
Basic	$	0.22		$	0.27
Diluted	$	0.21		$	0.27

(1) Adjusted for the additional tax expense upon the assumed conversion of the Preferred Stock $ 2,184 $ 3,939