| Schedule of elements used in calculating basic and diluted earnings per common share |
The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2016 and 2015, respectively (in thousands, except per share amounts):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2016 |
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2015 |
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2016 |
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2015 |
Earnings (loss) per common share - basic and diluted |
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Numerator |
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Net income (loss) |
$ |
7,944 |
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$ |
2,109 |
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$ |
18,791 |
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$ |
(569 |
) |
Net (income) loss attributable to noncontrolling interests |
(7,955 |
) |
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2,263 |
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(9,222 |
) |
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8,405 |
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Net (loss) income attributable to National Storage Affiliates Trust |
(11 |
) |
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4,372 |
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9,569 |
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7,836 |
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Distributed and undistributed earnings allocated to participating securities |
(4 |
) |
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(3 |
) |
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(13 |
) |
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(6 |
) |
Net (loss) income attributable to common shareholders - basic |
(15 |
) |
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4,369 |
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9,556 |
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7,830 |
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Effect of assumed conversion of dilutive securities |
— |
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(2,275 |
) |
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9,135 |
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(5,646 |
) |
Net (loss) income attributable to common shareholders - diluted |
$ |
(15 |
) |
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$ |
2,094 |
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$ |
18,691 |
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$ |
2,184 |
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Denominator |
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Weighted average shares outstanding - basic |
35,080 |
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23,000 |
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27,084 |
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12,924 |
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Effect of dilutive securities: |
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Weighted average OP units outstanding |
— |
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21,109 |
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23,761 |
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13,773 |
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Weighted average DownREIT OP unit equivalents outstanding |
— |
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1,432 |
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1,835 |
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949 |
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Weighted average LTIP units outstanding |
— |
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1,844 |
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2,162 |
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1,030 |
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Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents |
— |
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16,071 |
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20,650 |
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10,082 |
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Weighted average shares outstanding - diluted |
35,080 |
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63,456 |
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75,492 |
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38,758 |
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Earnings (loss) per share - basic |
$ |
— |
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$ |
0.19 |
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$ |
0.35 |
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$ |
0.61 |
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Earnings (loss) per share - diluted |
$ |
— |
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$ |
0.03 |
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$ |
0.25 |
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$ |
0.06 |
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