EARNINGS PER SHARE

Earnings Per Share (“EPS”)

Basic EPS is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the year. Diluted EPS is determined in the same manner as basic EPS except that the number of shares is increased assuming exercise or contingent issuance of the options, warrants or other dilutive securities; and conversion of the convertible trust preferred securities and Series B Preferred. Additionally, when dilutive, interest expense (net of tax) related to the convertible trust preferred securities, and dividends related to the preferred stock are added back to net income attributable to common shareholders. The calculation of diluted EPS excludes the potential dilution of common shares and the inclusion of any related expenses if the effect is antidilutive.

On April, 24 2013, the Company repurchased all of its Series B Preferred stock. The effects of the Series B Preferred for the year ended December 31, 2013 are on a weighted average basis for purposes of calculating EPS.

The following table is a reconciliation of the components of basic and diluted EPS computations for the three years ended December 31:



	For the year ended December 31,
	2015			2014			2013
	(In thousands, except share and per share data)
Basic earnings per share - Numerator:
Net income from continuing operations	$	62,921		$	67,405		$	66,691
Less: Net income attributable to noncontrolling interests	4,407			4,750			3,948
Net income from continuing operations attributable to the Company	58,514			62,655			62,743
Decrease/ (increase) in noncontrolling interests’ redemption values (1)	464			(525		)	(368		)
Dividends on preferred and participating securities (2)	(3,566		)	(3,703		)	(14,689		)
Total adjustments to income attributable to common shareholders	(3,102		)	(4,228		)	(15,057		)
Net income from continuing operations attributable to common shareholders, before allocation to participating securities	55,412			58,427			47,686
Less: Amount allocated to participating securities	(74		)	(282		)	(1,243		)
Net income from continuing operations attributable to common shareholders, after allocation to participating securities	$	55,338		$	58,145		$	46,443
Net income from discontinued operations, before allocation to participating securities	$	6,411		$	6,160		$	7,792
Less: Amount allocated to participating securities	(18		)	(53		)	(336		)
Net income from discontinued operations, after allocation to participating securities	$	6,393		$	6,107		$	7,456
Net income attributable to common shareholders, before allocation to participating securities	$	61,823		$	64,587		$	55,478
Less: Amount allocated to participating securities	(92		)	(335		)	(1,579		)
Net income attributable to common shareholders, after allocation to participating securities	$	61,731		$	64,252		$	53,899

Basic earnings per share - Denominator:
Weighted average basic common shares outstanding	80,885,253			78,921,480			77,373,817
Per share data - Basic earnings per share from:
Continuing operations	$	0.68		$	0.73		$	0.60
Discontinued operations	$	0.08		$	0.08		$	0.10
Total attributable to common shareholders	$	0.76		$	0.81		$	0.70



	For the year ended December 31,
	2015		2014		2013
	(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	$	55,338	$	58,145	$	46,443
Add back: income allocated to dilutive securities	—		—		—
Net income from continuing operations attributable to common shareholders, after allocation to participating securities, after assumed dilution	55,338		58,145		46,443
Net income from discontinued operations, after allocation to participating securities	6,393		6,107		7,456
Net income attributable to common shareholders, after allocation to participating securities, after assumed dilution	$	61,731	$	64,252	$	53,899
Diluted earnings per share - Denominator:
Weighted average basic common shares outstanding	80,885,253		78,921,480		77,373,817
Dilutive effect of:
Stock options and non-participating performance-based and certain time-based restricted stock (3)	1,133,511		759,138		656,066
Warrants to purchase common stock (3)	1,206,389		1,198,613		723,641
Dilutive common shares	2,339,900		1,957,751		1,379,707
Weighted average diluted common shares outstanding (3)	83,225,153		80,879,231		78,753,524
Per share data - Diluted earnings per share from:
Continuing operations	$	0.66	$	0.72	$	0.59
Discontinued operations	$	0.08	$	0.07	$	0.09
Total attributable to common shareholders	$	0.74	$	0.79	$	0.68
Dividends per share declared and paid on common stock	$	0.36	$	0.32	$	0.24

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(1)

See Part II. Item 8. “Financial Statements and Supplementary Data - Note 14: Noncontrolling Interests” for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption values 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)	Consideration paid in excess of carrying value for the repurchase of the Series B preferred stock of $11.7 million is considered a deemed dividend and, for purposes of calculating EPS, reduces net income attributable to common shareholders for the year ended December 31, 2013.


(3)	The diluted EPS computations for the years ended December 31, 2015, 2014, and 2013 do not assume the conversion, exercise or contingent issuance of the following shares for the following periods because the result would have been antidilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows:



	For the year ended December 31,
	2015	2014	2013
Shares excluded due to anti-dilution (treasury method):	(In thousands)
Potential common shares from:
Convertible trust preferred securities (a)	1	1	1
Total shares excluded due to anti-dilution	1	1	1



	For the year ended December 31,
	2015	2014	2013
Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding):	(In thousands)
Potential common shares from:
Options, restricted stock, or other dilutive securities (b)	548	829	1,399
Total shares excluded due to exercise price exceeding the average market price of common shares during the period	548	829	1,399


(a)	If the effect of the conversion of the trust preferred securities would have been dilutive, an immaterial amount of interest expense, net of tax, related to the convertible trust preferred securities would have been added back to net income attributable to common shareholders for the diluted EPS computation for the years presented.

(b)

Options to purchase shares of common stock, non-participating performance- and certain time-based restricted stock, and other dilutive securities that were outstanding at period ends were not included in the computation of diluted EPS or in the above anti-dilution table because their exercise or conversion prices were greater than the average market price of the common shares during the respective periods.