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Net Income Per Common Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Net Income Per Common Share
Net Income Per Common Share

Basic earnings per share ("EPS") are computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding for the period. In arriving at net income attributable to common stockholders, preferred stock dividends, if any, are deducted.  Diluted EPS reflects the potential dilution that could occur if share equivalents such as Operating Partnership units, employee stock options, restricted share units ("RSUs"), restricted shares, deferred incentive share units and profits interest units ("LTIP units") were exercised or converted into common stock that then shared in the earnings of the Company.

The computation of diluted EPS is as follows (in thousands, except per share data):
 
Three Months Ended March 31,
 
2015
 
2014
Numerator:
 
 
 
     Basic net income attributable to common stockholders
$
7,275

 
$
10,845

Effect of net income attributable to noncontrolling interests - unit holders
348

 
564

Diluted net income attributable to common stockholders
$
7,623

 
$
11,409

Denominator:
 
 
 
Basic weighted average shares outstanding
111,216

 
97,356

Effect of Operating Partnership units
5,114

 
5,200

Effect of stock options
—

 
29

Effect of restricted share units
189

 
15

Effect of restricted shares
6

 
—

Effect of deferred incentive share units
6

 
14

Diluted adjusted weighted average shares outstanding
116,531

 
102,614

 
 
 
 
Basic and diluted net income per share attributable to Parkway Properties, Inc.
$
0.07

 
$
0.11



The computation of diluted EPS for the three months ended March 31, 2015 does not include the effect of employee stock options and LTIP units as their inclusion would have been anti-dilutive. The computation of diluted EPS for the three months ended March 31, 2014 does not include the effect of restricted shares and LTIP units as their inclusion would have been anti-dilutive. Terms and conditions of these awards are described in "Note 11 – Share-Based and Long-Term Compensation Plans."