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Earnings Per Common Share
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings Per Common Share

Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding. At December 31, 2016, the Company has unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method.

Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share unit ("Restricted Share Units") and share option awards issued under the Company’s Share Incentive Plans (Note 13). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be anti-dilutive and therefore is not included in the computation of diluted earnings per share for the years ended December 2016, 2015 and 2014. The effect of the assumed conversion of 141,593 Series C Preferred OP Units into 407,845 Common Shares, would be anti-dilutive and therefore is not included in the computation of diluted earnings per share for the year ended December 2016.

The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.

 
 
Year Ended December 31,
(shares and dollars in thousands, except per share amounts)
 
2016
 
2015
 
2014
Numerator:
 
 

 
 

 
 

Income from continuing operations
 
$
72,776

 
$
65,708

 
$
70,865

Less: net income attributable to participating securities
 
(793
)
 
(927
)
 
(1,152
)
Income from continuing operations net of income
attributable to participating securities
 
$
71,983

 
$
64,781

 
$
69,713


 
 
 
 
 
 
Denominator:
 


 


 


Weighted average shares for basic earnings per share
 
76,231

 
68,851

 
59,402

Effect of dilutive securities:
 


 


 


Employee share options
 
13

 
19

 
24

Denominator for diluted earnings per share
 
76,244

 
68,870

 
59,426

Basic earnings per Common Share from
continuing operations attributable to Acadia
 
$
0.94

 
$
0.94

 
$
1.18

Diluted earnings per Common Share from
continuing operations attributable to Acadia
 
$
0.94

 
$
0.94

 
$
1.18