Earnings Per Share

The two class method of calculating earnings per share (“EPS”) is presented below for the three months ended March 31, 2015 and 2014. The following tables present the computations of basic and diluted EPS:



	Three months ended March 31,
	2015			2014
(In thousands, except share and per share data)
Basic earnings per share - Numerator:
Net income from continuing operations	$	17,918		$	16,349
Less: Net income attributable to noncontrolling interests	1,229			1,236
Net income from continuing operations attributable to the Company	16,689			15,113
Decrease/ (increase) in noncontrolling interests’ redemption values (1)	(94		)	(116		)
Dividends on participating securities	(911		)	(945		)
Total adjustments to income attributable to common shareholders	(1,005		)	(1,061		)
Net income from continuing operations attributable to common shareholders, before allocation to participating securities	15,684			14,052
Less: Amount allocated to participating securities	(48		)	(94		)
Net income from continuing operations attributable to common shareholders, after allocation to participating securities	$	15,636		$	13,958
Net income from discontinued operations, before allocation to participating securities	$	2,094		$	1,928
Less: Amount allocated to participating securities	(12		)	(23		)
Net income from discontinued operations, after allocation to participating securities	$	2,082		$	1,905
Net income attributable to common shareholders, before allocation to participating securities	$	17,778		$	15,980
Less: Amount allocated to participating securities	(60		)	(117		)
Net income attributable to common shareholders, after allocation to participating securities	$	17,718		$	15,863

Basic earnings per share - Denominator:
Weighted average basic common shares outstanding	80,514,359			78,145,185
Per share data - Basic earnings per share from:
Continuing operations	$	0.19		$	0.18
Discontinued operations	$	0.03		$	0.02
Total attributable to common shareholders	$	0.22		$	0.20



	Three months ended March 31,
	2015		2014
(In thousands, except share and per share data)
Diluted earnings per share - Numerator:
Net income from continuing operations attributable to common shareholders, after allocation to participating securities	$	15,636	$	13,958
Add back: income allocated to dilutive securities	—		—
Net income from continuing operations attributable to common shareholders, after allocation to participating securities, after assumed dilution	15,636		13,958
Net income from discontinued operations, after allocation to participating securities	2,082		1,905
Net income attributable to common shareholders, after allocation to participating securities, after assumed dilution	$	17,718	$	15,863
Diluted earnings per share - Denominator:
Weighted average basic common shares outstanding	80,514,359		78,145,185
Dilutive effect of:
Stock options and non-participating performance-based and certain time-based restricted stock (2)	927,608		703,452
Warrants to purchase common stock (2)	1,152,358		1,162,253
Dilutive common shares	2,079,966		1,865,705
Weighted average diluted common shares outstanding (2)	82,594,325		80,010,890
Per share data - Diluted earnings per share from:
Continuing operations	$	0.19	$	0.18
Discontinued operations	$	0.02	$	0.02
Total attributable to common shareholders	$	0.21	$	0.20
Dividends per share declared and paid on common stock	$	0.09	$	0.08

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(1)

See Part II. Item 8. “Financial Statements and Supplementary Data—Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption value from period to period reduces income attributable to common shareholders. Decreases in redemption value from period to period increase income attributable to common shareholders, but only to the extent that the cumulative change in redemption value remains a cumulative increase since adoption of this standard in the first quarter of 2009.


(2)	The diluted EPS computations for the three months ended March 31, 2015 and 2014 do not assume the conversion, exercise, or contingent issuance of the following shares for the following periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows:



	Three months ended March 31,
(In thousands)	2015	2014
Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding):
Potential common shares from:
Stock options, restricted stock, or other dilutive securities	660	951
Total shares excluded due to exercise price exceeding the average market price of common shares during the period	660	951