Hudson Pacific Properties Just Filed Its Quarterly Report: Earnings Per ShareTh...

Earnings Per Share

The Company calculates basic earnings per share by dividing the net income available to common stockholders for the period by the weighted average number of common shares outstanding during the period. The Company calculates diluted earnings per share by dividing the net income available to common stockholders for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method or the if-converted method. Unvested time-based RSUs and unvested OPP awards that contain nonforfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The following table reconciles the numerator and denominator in computing the Company’s basic and diluted per share computations for net income available to common stockholders:
 
Three months ended June 30,
 
Six months ended June 30,
 
2016
 
2015
 
2016
 
2015
Numerator:
 
 
 
 
 
 
 
Net income (loss)
$
4,035

 
$
(36,083
)
 
$
10,011

 
$
(11,509
)
Preferred dividends
(159
)
 
(3,195
)
 
(318
)
 
(6,390
)
Income attributable to participating securities
(196
)
 
(80
)
 
(393
)
 
(150
)
Income attributable to non-controlling interest in consolidated entities
(2,396
)
 
(1,893
)
 
(4,341
)
 
(3,395
)
(Income) loss attributable to non-controlling units of the operating partnership
(445
)
 
16,008

 
(1,867
)
 
15,412

Numerator for basic and diluted net income (loss) available to common stockholders
$
839

 
$
(25,243
)
 
$
3,092

 
$
(6,032
)
Denominator:
 
 
 
 
 
 
 
Basic weighted average common shares outstanding
95,145,496

 
88,894,258

 
92,168,432

 
82,906,087

Effect of dilutive instruments(1)
850,000

 

 
832,000

 

Diluted weighted average common shares outstanding
95,995,496

 
88,894,258

 
93,000,432

 
82,906,087

Basic earnings per common share:
$
0.01

 
$
(0.28
)
 
$
0.03

 
$
(0.07
)
Diluted earnings per common share:
$
0.01

 
$
(0.28
)
 
$
0.03

 
$
(0.07
)
________________
(1)
The Company includes unvested awards as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period.  Any anti-dilutive securities are excluded from the diluted EPS calculation. Shares related to the Company’s 2015 OPP were excluded from the calculation of dilutive net income per common share for the three and six months ended June 30, 2016 because they are not currently expected to be earned.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Hudson Pacific Properties Just Filed Its Annual Report: Earnings Per ShareTh... - Feb. 21, 2017
Hudson Pacific Properties Announces Strong - Feb. 16, 2017
Statement of acquisition of beneficial ownership by individuals - Feb. 14, 2017
Cohen & Steers, Inc. just provided an update on share ownership of Hudson Pacific Properties - Feb. 14, 2017
VANGUARD SPECIALIZED FUNDS - VANGUARD REIT INDEX FUND just provided an update on share ownership of Hudson Pacific Properties - Feb. 13, 2017

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