TWO Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share (Tables)

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Earnings Per Share, Basic and Diluted

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three months ended March 31, 2018 and 2017. All per share amounts, common shares outstanding and restricted shares for all periods presented reflect the Company’s one-for-two reverse stock split effected on November 1, 2017 (refer to Note 17 - Stockholders’ Equity for additional information).



	Three Months Ended
	March 31,
(in thousands, except share data)	2018		2017
Numerator:
Net income from continuing operations	$	334,809	$	58,531
Income from discontinued operations, net of tax	—		13,454
Net income	334,809		71,985
Dividends on preferred stock	13,747		—
Net income attributable to common stockholders - basic	321,062		71,985
Interest expense attributable to convertible notes ⁽¹⁾	4,701		—
Net income attributable to common stockholders - diluted	$	325,763	$	71,985
Denominator:
Weighted average common shares outstanding	173,552,675		172,826,530
Weighted average restricted stock shares	1,593,289		1,455,435
Basic weighted average shares outstanding	175,145,964		174,281,965
Effect of dilutive shares issued in an assumed conversion	17,672,567		—
Diluted weighted average shares outstanding	192,818,531		174,281,965
Basic Earnings Per Share:
Continuing operations	$	1.83	$	0.33
Discontinued operations	—		0.08
Net income	$	1.83	$	0.41
Diluted Earnings Per Share:
Continuing operations	$	1.69	$	0.33
Discontinued operations	—		0.08
Net income	$	1.69	$	0.41

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(1)	Includes a nondiscretionary adjustment for the assumed change in the management fee calculation.