Earnings Per Share

The treasury stock method of calculating earnings per share (“EPS”) is presented below for the three months ended March 31, 2017 and 2016. The following tables present the computations of basic and diluted EPS:



	Three months ended March 31,
	2017			2016
(In thousands, except share and per share data)
Basic earnings per share - Numerator:
Net income from continuing operations	$	14,996		$	16,887
Less: Net income attributable to noncontrolling interests	966			911
Net income from continuing operations attributable to the Company	14,030			15,976
Decrease/ (increase) in noncontrolling interests’ redemption values (1)	(297		)	580
Dividends on preferred stock	(869		)	(869		)
Total adjustments to income attributable to common shareholders	(1,166		)	(289		)
Net income from continuing operations attributable to common shareholders, treasury stock method	12,864			15,687
Net income from discontinued operations	1,632			2,065
Net income attributable to common shareholders, treasury stock method	$	14,496		$	17,752

Basic earnings per share - Denominator:
Weighted average basic common shares outstanding	81,951,179			81,301,499
Per share data - Basic earnings per share from:
Continuing operations	$	0.16		$	0.19
Discontinued operations	$	0.02		$	0.03
Total attributable to common shareholders	$	0.18		$	0.22



	Three months ended March 31,
	2017		2016
(In thousands, except share and per share data)
Diluted earnings per share - Numerator:
Net income from continuing operations attributable to common shareholders, after assumed dilution	$	12,864	$	15,687
Net income from discontinued operations	1,632		2,065
Net income attributable to common shareholders, after assumed dilution	$	14,496	$	17,752
Diluted earnings per share - Denominator:
Weighted average basic common shares outstanding	81,951,179		81,301,499
Dilutive effect of:
Stock options and performance-based and time-based restricted stock (2)	1,455,333		1,048,428
Warrants to purchase common stock (2)	1,154,406		929,939
Dilutive common shares	2,609,739		1,978,367
Weighted average diluted common shares outstanding (2)	84,560,918		83,279,866
Per share data - Diluted earnings per share from:
Continuing operations	$	0.15	$	0.19
Discontinued operations	$	0.02	$	0.02
Total attributable to common shareholders	$	0.17	$	0.21
Dividends per share declared and paid on common stock	$	0.11	$	0.10

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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, 2016 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, 2017 and 2016 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,
	2017	2016
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:
Stock options, restricted stock, or other dilutive securities	121	387
Total shares excluded due to exercise price exceeding the average market price of common shares during the period	121	387