XML 38 R20.htm IDEA: XBRL DOCUMENT v3.4.0.3
Earnings Per Share and Per Unit
 3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share and Per Unit
Earnings Per Share and Per Unit

The following table sets forth the computation of basic and diluted earnings per share of the Company:

 
Three Months Ended
March 31,
 
2016
 
2015
Earnings per Common Share - basic:
 
 
 
Numerator:
 
 
 
Income from continuing operations
$
28,142

 
$
16,920

Net (income) attributable to noncontrolling interests in the Operating Partnership from continuing operations
(746
)
 
(476
)
Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations
(308
)
 
(296
)
Dividends on Preferred Stock
(626
)
 
(627
)
Income from continuing operations available for common stockholders
26,462

 
15,521

Income from discontinued operations
418,593

 
3,915

Net (income) attributable to noncontrolling interests in the Operating Partnership from discontinued operations
(12,265
)
 
(120
)
Income from discontinued operations available for common stockholders
406,328

 
3,795

Net income available for common stockholders
$
432,790

 
$
19,316

Denominator:
 
 
 
Denominator for basic earnings per Common Share – weighted average shares
96,373

 
93,222

Earnings per Common Share - basic:
 
 
 
Income from continuing operations available for common stockholders
$
0.27

 
$
0.17

Income from discontinued operations available for common stockholders
4.22

 
0.04

Net income available for common stockholders
$
4.49

 
$
0.21

Earnings per Common Share - diluted:
 
 
 
Numerator:
 
 
 
Income from continuing operations
$
28,142

 
$
16,920

Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations
(308
)
 
(296
)
Dividends on Preferred Stock
(626
)
 
(627
)
Income from continuing operations available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership
27,208

 
15,997

Income from discontinued operations available for common stockholders
418,593

 
3,915

Net income available for common stockholders before net (income) attributable to noncontrolling interests in the Operating Partnership
$
445,801

 
$
19,912

Denominator:
 
 
 
Denominator for basic earnings per Common Share – weighted average shares
96,373

 
93,222

Add:
 
 
 
Stock options using the treasury method
84

 
124

Noncontrolling interests Common Units
2,900

 
2,933

Denominator for diluted earnings per Common Share – adjusted weighted average shares and assumed conversions (1) (2)
99,357

 
96,279

Earnings per Common Share - diluted:
 
 
 
Income from continuing operations available for common stockholders
$
0.27

 
$
0.17

Income from discontinued operations available for common stockholders
4.22

 
0.04

Net income available for common stockholders
$
4.49

 
$
0.21

__________
(1)
There were 0.4 million and 0.2 million options outstanding during the three months ended March 31, 2016 and 2015, respectively, that were not included in the computation of diluted earnings per share because the impact of including such options would be anti-dilutive.
(2)
Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.

13.
Earnings Per Share and Per Unit - Continued

The following table sets forth the computation of basic and diluted earnings per unit of the Operating Partnership:
 
 
Three Months Ended
March 31,
 
2016
 
2015
Earnings per Common Unit - basic:
 
 
 
Numerator:
 
 
 
Income from continuing operations
$
28,142

 
$
16,920

Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations
(308
)
 
(296
)
Distributions on Preferred Units
(626
)
 
(627
)
Income from continuing operations available for common unitholders
27,208

 
15,997

Income from discontinued operations available for common unitholders
418,593

 
3,915

Net income available for common unitholders
$
445,801

 
$
19,912

Denominator:
 
 
 
Denominator for basic earnings per Common Unit – weighted average units
98,864

 
95,746

Earnings per Common Unit - basic:
 
 
 
Income from continuing operations available for common unitholders
$
0.28

 
$
0.17

Income from discontinued operations available for common unitholders
4.23

 
0.04

Net income available for common unitholders
$
4.51

 
$
0.21

Earnings per Common Unit - diluted:
 
 
 
Numerator:
 
 
 
Income from continuing operations
$
28,142

 
$
16,920

Net (income) attributable to noncontrolling interests in consolidated affiliates from continuing operations
(308
)
 
(296
)
Distributions on Preferred Units
(626
)
 
(627
)
Income from continuing operations available for common unitholders
27,208

 
15,997

Income from discontinued operations available for common unitholders
418,593

 
3,915

Net income available for common unitholders
$
445,801

 
$
19,912

Denominator:
 
 
 
Denominator for basic earnings per Common Unit – weighted average units
98,864

 
95,746

Add:
 
 
 
Stock options using the treasury method
84

 
124

Denominator for diluted earnings per Common Unit – adjusted weighted average units and assumed conversions (1) (2)
98,948

 
95,870

Earnings per Common Unit - diluted:
 
 
 
Income from continuing operations available for common unitholders
$
0.28

 
$
0.17

Income from discontinued operations available for common unitholders
4.23

 
0.04

Net income available for common unitholders
$
4.51

 
$
0.21

__________
(1)
There were 0.4 million and 0.2 million options outstanding during the three months ended March 31, 2016 and 2015, respectively, that were not included in the computation of diluted earnings per unit because the impact of including such options would be anti-dilutive.
(2)
Includes all unvested restricted stock where dividends on such restricted stock are non-forfeitable.