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SEC Filings

10-Q
FOREST CITY REALTY TRUST, INC. filed this Form 10-Q on 10/30/2018
Entire Document
 
Forest City Realty Trust, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

S. Earnings Per Share
The Company’s restricted stock is considered a participating security pursuant to the two-class method for computing earnings per share (“EPS”). The 2006 Units, which are reflected as noncontrolling interests in the Consolidated Balance Sheets, are considered convertible participating securities as they are entitled to participate in dividends paid to the Company’s common stockholders. The 2006 Units are included in the computation of basic EPS using the two-class method and are included in the computation of diluted EPS using the if-converted method. The Class A common stock issuable in connection with conversion of the 2018 Senior Notes and 2020 Senior Notes is included in the computation of diluted EPS using the if-converted method.
The reconciliation of the basic and diluted EPS computations is shown in the following table:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
Numerators (in thousands)
 
 
 
 
 
Net earnings attributable to Forest City Realty Trust, Inc.
$
447,173

$
5,454

 
$
715,432

$
103,124

Distributed and undistributed earnings allocated to participating securities
(3,872
)
(205
)
 
(5,940
)
(720
)
Net earnings attributable to common stockholders ‑ Basic
$
443,301

$
5,249

 
$
709,492

$
102,404

Undistributed earnings allocated to participating securities


 

125

Interest on convertible debt
710


 
2,991


Preferred distribution on Class A Common Units


 

553

Net earnings attributable to common stockholders ‑ Diluted
$
444,011

$
5,249

 
$
712,483

$
103,082

Denominators
 
 
 
 
 
Weighted average shares outstanding ‑ Basic
267,978,704

265,260,403

 
266,468,193

261,566,151

Effect of stock options and performance shares
1,109,855

1,001,792

 
679,356

718,584

Effect of convertible debt
3,326,824


 
4,637,923


Effect of convertible Class A Common Units


 

1,757,072

Weighted average shares outstanding ‑ Diluted (1) (2) 
272,415,383

266,262,195

 
271,785,472

264,041,807

Earnings Per Share
 
 
 
 
 
Net earnings attributable to common stockholders ‑ Basic
$
1.65

$
0.02

 
$
2.66

$
0.39

Net earnings attributable to common stockholders ‑ Diluted
$
1.63

$
0.02

 
$
2.62

$
0.39

(1)
Incremental shares from restricted stock, convertible securities and Class A Common Units of 1,626,009 and 1,638,320 for the three and nine months ended September 30, 2018, respectively, and 7,453,768 and 5,893,292 for the three and nine months ended September 30, 2017, respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive.
(2)
Weighted-average options, restricted stock and performance shares of 14,120 and 494,590 for the three and nine months ended September 30, 2018, respectively, and 698,333 and 1,375,366 for the three and nine months ended September 30, 2017, respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive under the treasury stock method.


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