| Earnings per Share of Common Stock |
Earnings per Share of Common Stock Both the net income or loss attributable to the non-controlling OP units and the non-controlling limited partners’ outstanding OP units have been excluded from the basic earnings per share and the diluted earnings per share calculations attributable to common stockholders. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method.
The computation of basic and diluted earnings per common share of common stock is as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
Numerator: |
2019 |
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2018 |
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2019 |
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2018 |
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(in thousands, except share and per share data) |
Net income (loss) attributable to controlling stockholders and participating securities |
$ |
12,740 |
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$ |
17,262 |
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$ |
26,386 |
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$ |
16,039 |
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Less: Dividends on participating securities |
(330 |
) |
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(433 |
) |
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(589 |
) |
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(909 |
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Undistributed earnings attributable to participating securities |
— |
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— |
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— |
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— |
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Net income (loss) attributable to controlling stockholders |
$ |
12,410 |
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$ |
16,829 |
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$ |
25,797 |
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$ |
15,130 |
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Denominator: |
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Weighted-average number of common shares — basic |
63,772,549 |
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52,051,253 |
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62,766,318 |
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51,882,021 |
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Weighted-average number of common shares — diluted |
64,429,155 |
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52,051,253 |
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63,394,220 |
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51,882,021 |
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Basic earnings per common share |
$ |
0.20 |
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$ |
0.32 |
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$ |
0.41 |
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$ |
0.29 |
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Diluted earnings per common share |
$ |
0.19 |
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$ |
0.32 |
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$ |
0.41 |
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$ |
0.29 |
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Other Information: |
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Weighted-average number of OP units |
277,586 |
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281,289 |
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277,586 |
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282,619 |
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Unvested restricted common stock outstanding at period end (i.e., participating securities) |
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772,784 |
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1,312,768 |
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