XML 37 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Basic and Diluted Earnings Per Share

The following table presents the calculation of basic and diluted earnings per share (“EPS”):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2017

 

 

2016(1)

 

 

2017

 

 

2016(1)

 

 

 

(in millions, except per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to stockholders(2)

 

$

103

 

 

$

34

 

 

$

2,565

 

 

$

116

 

Earnings allocated to participating securities

 

 

(1

)

 

 

—

 

 

 

(7

)

 

 

—

 

Net income attributable to stockholders net of earnings

     allocated to participating securities

 

$

102

 

 

$

34

 

 

$

2,558

 

 

$

116

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

214

 

 

 

198

 

 

 

210

 

 

 

198

 

Unvested restricted shares

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

Net effect of shares issued with respect to E&P Dividend(3)

 

 

—

 

 

 

—

 

 

 

4

 

 

 

—

 

Weighted average shares outstanding - diluted

 

 

215

 

 

 

198

 

 

 

214

 

 

 

198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS(4)

 

$

0.48

 

 

$

0.17

 

 

$

12.16

 

 

$

0.59

 

Diluted EPS(4)

 

$

0.48

 

 

$

0.17

 

 

$

11.94

 

 

$

0.59

 

 

(1)

For 2016, basic and diluted earnings per share were calculated using the number of shares of common stock outstanding upon the completion of the spin-off.

(2)

Includes the derecognition of deferred tax liabilities for the three and nine months ended September 30, 2017 of $48 million and $2,360 million, respectively, associated with Park’s intention to be taxed as a REIT.

(3)

Shares issued in connection with the distribution of our C corporation earnings and profits attributable to the period prior to spin-off (“E&P Dividend”).

(4)

Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented, therefore, the sum of the quarterly EPS does not equal the EPS for the nine months.