Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2019

Basic earnings (loss) per share ("EPS") is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period, excluding dilution for potential common stock issuances. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including: (a) shares issuable upon the vesting of RSUs and stock option exercises using the treasury stock method; and (b) shares issuable upon the conversion of the MCPS, as determined under the if-converted method. For purposes of calculating diluted EPS, preferred stock dividends have been subtracted from net income (loss) in periods in which utilizing the if-converted method would be anti-dilutive.

The computation of basic and diluted EPS is as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
($ in thousands, except per share amounts)
Net Income (Loss)	$	25,359		$	27,931		$	75,726		$	74,987
Noncontrolling interests	(1,274		)	(933		)	(2,969		)	(1,619		)
Net Income (Loss) Attributable to Stockholders	24,085			26,998			72,757			73,368
Preferred stock dividends	(2,085		)	(2,085		)	(6,253		)	(6,253		)
Net Income (Loss) Attributable to Common Stockholders	$	22,000		$	24,913		$	66,504		$	67,115
Shares (in thousands):
Basic: Weighted-average number of common shares outstanding	6,947			7,175			6,990			7,195
Plus: Incremental shares from assumed conversion of dilutive instruments	1,210			1,281			1,225			1,268
Diluted: Weighted-average number of common shares outstanding	8,157			8,456			8,215			8,463
Earnings (Loss) per Share—Basic	$	3.17		$	3.47		$	9.51		$	9.33
Earnings (Loss) per Share—Diluted	$	2.95		$	3.19		$	8.86		$	8.67

The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive.



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
(in thousands)
Restricted stock units	32	22	29	16
Total anti-dilutive securities	32	22	29	16