Earnings Per Share

6 Months Ended

Jun. 30, 2019

The treasury stock method of calculating earnings per share (“EPS”) is presented below for the three and six months ended June 30, 2019 and 2018. The following tables present the computations of basic and diluted EPS:



	Three months ended June 30,						Six months ended June 30,
	2019			2018			2019		2018
	(In thousands, except share and per share data)
Basic earnings per share - Numerator:
Net income from continuing operations	$	19,449		$	7,404		$	38,991	$	29,442
Less: Net income attributable to noncontrolling interests	69			968			169		2,018
Net income from continuing operations attributable to the Company	19,380			6,436			38,822		27,424
Decrease/ (increase) in noncontrolling interests’ redemption values (1)	(816		)	(408		)	741		438
Dividends on preferred stock	—			(3,116		)	—		(3,985		)
Total adjustments to income attributable to common shareholders	(816		)	(3,524		)	741		(3,547		)
Net income from continuing operations attributable to common shareholders, treasury stock method	18,564			2,912			39,563		23,877
Net income from discontinued operations	—			(2		)	—		1,696
Net income attributable to common shareholders, treasury stock method	$	18,564		$	2,910		$	39,563	$	25,573

Basic earnings per share - Denominator:
Weighted average basic common shares outstanding	83,565,780			83,509,115			83,426,213		83,304,573
Per share data - Basic earnings per share from:
Continuing operations	$	0.22		$	0.03		$	0.47	$	0.29
Discontinued operations	$	—		$	—		$	—	$	0.02
Total attributable to common shareholders	$	0.22		$	0.03		$	0.47	$	0.31



	Three months ended June 30,					Six months ended June 30,
	2019		2018			2019		2018
	(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	$	18,564	$	2,912		$	39,563	$	23,877
Net income from discontinued operations	—		(2		)	—		1,696
Net income attributable to common shareholders, after assumed dilution	$	18,564	$	2,910		$	39,563	$	25,573
Diluted earnings per share - Denominator:
Weighted average basic common shares outstanding	83,565,780		83,509,115			83,426,213		83,304,573
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 (2)	483,192		1,076,049			609,837		1,112,938
Warrants to purchase common stock	—		828,411			—		804,463
Dilutive common shares	483,192		1,904,460			609,837		1,917,401
Weighted average diluted common shares outstanding (2)	84,048,972		85,413,575			84,036,050		85,221,974
Per share data - Diluted earnings per share from:
Continuing operations	$	0.22	$	0.03		$	0.47	$	0.28
Discontinued operations	$	—	$	—		$	—	$	0.02
Total attributable to common shareholders	$	0.22	$	0.03		$	0.47	$	0.30
Dividends per share declared and paid on common stock	$	0.12	$	0.12		$	0.24	$	0.24

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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, 2018 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with the FASB Accounting Standards Codification 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 and six months ended June 30, 2019 and 2018 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 June 30,		Six months ended June 30,
	2019	2018	2019	2018
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	750	16	820	136
Total shares excluded due to exercise price exceeding the average market price of common shares during the period	750	16	820	136