Annual report pursuant to Section 13 and 15(d)

Earnings per Share of Common Stock

v3.10.0.1
Earnings per Share of Common Stock
 12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Earnings per Share of Common Stock
Earnings per Share of Common Stock

The following tables set forth the computation of basic and diluted earnings (loss) per share of common stock for the years ended December 31, 2018, 2017 and 2016, respectively. The OP Units held by Non-controlling OP Unitholders (which may be redeemed for shares of common stock) have been excluded from the diluted earnings per share calculation, as there would be no effect on the amounts since the Non-controlling OP Unitholders’ share of income would also be added back to net income. Net income figures are presented net of such non-controlling interests in the earnings per share calculation.

We computed basic earnings (loss) per share for the years ended December 31, 2018, 2017 and 2016, respectively, using the weighted average number of shares outstanding during the periods. Diluted earnings (loss) per share for the years ended December 31, 2018, 2017 and 2016, reflects additional shares of common stock related to our convertible Senior Common Stock, if the effect would be dilutive, that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net income (loss) available (attributable) to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts).

 
 
For the year ended December 31,
 
 
2018
 
2017
 
2016
Calculation of basic (loss) earnings per share of common stock:
 
 
 
 
 
 
Net income (loss) available (attributable) to common stockholders
 
$
973

 
$
(4,939
)
 
$
(3,698
)
Denominator for basic weighted average shares of common stock (1)
 
28,675,934

 
26,358,237

 
23,193,962

Basic earnings (loss) per share of common stock
 
$
0.03

 
$
(0.19
)
 
$
(0.16
)
Calculation of diluted (loss) earnings per share of common stock:
 
 
 
 
 
 
Net income (loss) available (attributable) to common stockholders
 
$
973

 
$
(4,939
)
 
$
(3,698
)
Net income (loss) available (attributable) to common stockholders plus assumed conversions (2)
 
$
973

 
$
(4,939
)
 
$
(3,698
)
Denominator for basic weighted average shares of common stock (1)
 
28,675,934

 
26,358,237

 
23,193,962

Effect of convertible Senior Common Stock (2)
 
—

 
—

 
—

Denominator for diluted weighted average shares of common stock (2)
 
28,675,934

 
26,358,237

 
23,193,962

Diluted earnings (loss) per share of common stock
 
$
0.03

 
$
(0.19
)
 
$
(0.16
)
 
(1)
The weighted average number of OP Units held by Non-controlling OP Unitholders was 128,233 for the year ended December 31, 2018. The Company was the sole holder of OP Units during 2017 and 2016.
(2)
We excluded convertible shares of Senior Common Stock of 724,336, 753,881 and 800,116 from the calculation of diluted earnings per share for the years ended December 31, 2018, 2017 and 2016, respectively, because it was anti-dilutive.