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. Additionally, when dilutive, interest expense (net of tax) related to the convertible trust preferred securities is 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.

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



	For the year ended December 31,
	2018			2017			2016
	(In thousands, except share and per share data)
Basic earnings per share - Numerator:
Net income from continuing operations	$	81,869		$	40,189		$	70,244
Less: Net income attributable to noncontrolling interests	3,487			4,468			4,157
Net income from continuing operations attributable to the Company	78,382			35,721			66,087
Decrease/ (increase) in noncontrolling interests’ redemption values (1)	2,303			(1,412		)	(588		)
Dividends on preferred stock (2)	(3,985		)	(3,475		)	(3,475		)
Total adjustments to income attributable to common shareholders	(1,682		)	(4,887		)	(4,063		)
Net income from continuing operations attributable to common shareholders, treasury stock method	76,700			30,834			62,024
Net income from discontinued operations	2,002			4,870			5,541
Net income attributable to common shareholders, treasury stock method	$	78,702		$	35,704		$	67,565

Basic earnings per share - Denominator:
Weighted average basic common shares outstanding	83,596,685			82,430,633			81,264,273
Per share data - Basic earnings per share from:
Continuing operations	$	0.92		$	0.37		$	0.76
Discontinued operations	$	0.02		$	0.06		$	0.07
Total attributable to common shareholders	$	0.94		$	0.43		$	0.83



	For the year ended December 31,
	2018		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	$	76,700	$	30,834	$	62,024
Net income from discontinued operations	2,002		4,870		5,541
Net income attributable to common shareholders, after assumed dilution	$	78,702	$	35,704	$	67,565
Diluted earnings per share - Denominator:
Weighted average basic common shares outstanding	83,596,685		82,430,633		81,264,273
Dilutive effect of:
Time-based and market-based stock options, performance-based and time-based restricted stock, and performance-based and time-based restricted stock units, and other dilutive securities (3)	1,002,764		1,313,953		1,002,153
Warrants to purchase common stock (3)	731,865		1,057,979		942,700
Dilutive common shares	1,734,629		2,371,932		1,944,853
Weighted average diluted common shares outstanding (3)	85,331,314		84,802,565		83,209,126
Per share data - Diluted earnings per share from:
Continuing operations	$	0.90	$	0.36	$	0.74
Discontinued operations	$	0.02	$	0.06	$	0.07
Total attributable to common shareholders	$	0.92	$	0.42	$	0.81
Dividends per share declared and paid on common stock	$	0.48	$	0.44	$	0.40

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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 the 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)	Consideration paid in excess of carrying value for the redemption of the Series D preferred stock of $2.2 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, 2018.

(3)The diluted EPS computations for the years ended December 31, 2018, 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:



	For the year ended December 31,
	2018	2017	2016
Shares excluded due to anti-dilution (treasury stock method):	(In thousands)
Potential common shares from:
Market-based stock options	51	—	—
Convertible trust preferred securities (1)	1	1	1
Total shares excluded due to anti-dilution	52	1	1



	For the year ended December 31,
	2018	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:
Options, restricted stock, or other dilutive securities (2)	209	67	270
Total shares excluded due to exercise price exceeding the average market price of common shares during the period	209	67	270

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(1)	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.

(2)

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