Stockholders' Equity and Non-controlling Interests (Tables)
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6 Months Ended |
Jun. 30, 2017 |
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| Stockholders' Equity and Non-Controlling Interests |
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| Schedule of changes in redeemable non-controlling interest in operating partnership |
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Common
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Preferred
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($ in thousands)
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Redeemable
OP units
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Redeemable
non-controlling
interests
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Redeemable
Preferred units
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Redeemable
non-controlling
interests
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Balance at December 31, 2015
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884
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$
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9,695
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—
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$
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—
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Issuance of redeemable OP units as partial consideration for real estate acquisition
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—
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—
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117
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117,000
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Net loss attributable to non-controlling interest
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—
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(64)
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—
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—
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Accrued distributions to non-controlling interest
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—
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(113)
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—
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1,170
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Redemption of common units for common stock
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(884)
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(9,518)
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Balance at June 30, 2016
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—
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$
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—
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117
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$
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118,170
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Balance at December 31, 2016
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—
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$
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—
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117
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$
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119,915
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Issuance of redeemable OP units as partial consideration for real estate acquisition
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—
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—
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—
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—
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Net loss attributable to non-controlling interest
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—
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—
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—
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—
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Distributions paid to non-controlling interest
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—
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—
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—
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(2,915)
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Accrued distributions to non-controlling interest
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—
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—
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—
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1,755
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Redemption of OP units for common stock
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—
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—
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—
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—
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Balance at June 30, 2017
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—
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$
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—
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117
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$
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118,755
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| Schedule of declaration and payment of distribution |
The Company’s board of directors declared and paid the following distributions to common stockholders and holders of OP units for the six months ended June 30, 2017 and the year ended December 31, 2016:
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Fiscal Year
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Declaration Date
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Record Date
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Payment Date
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Distributions
per Common
Share/OP unit
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2017
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May 9, 2017
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June 30, 2017
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July 14, 2017
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$
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0.1275
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February 22, 2017
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April 1, 2017
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April 14, 2017
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0.1275
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$
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0.2550
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2016
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March 8, 2016
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April 1, 2016
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April 15, 2016
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$
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0.1275
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May 9, 2016
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July 1, 2016
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July 15, 2016
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0.1275
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August 3, 2016
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September 30, 2016
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October 14, 2016
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0.1275
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November 3, 2016
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January 2, 2017
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January 13, 2017
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0.1275
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$
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0.5100
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| Summary of non-vested shares |
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Weighted
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Number of
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average grant
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(shares in thousands)
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shares
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date fair value
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Unvested at December 31, 2015
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145
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$
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13.87
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Granted
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109
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10.72
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Vested
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(70)
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13.96
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Forfeited
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(4)
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11.13
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Unvested at June 30, 2016
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180
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11.99
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Unvested at December 31, 2016
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189
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11.98
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Granted
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206
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11.30
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Vested
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(108)
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12.88
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Forfeited
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—
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—
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Unvested at June 30, 2017
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287
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$
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11.16
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| Schedule of computation of basic and diluted earnings (loss) per share |
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For the three months ended
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For the six months ended
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June 30,
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June 30,
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(in thousands except per share amounts)
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2017
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2016
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2017
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2016
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Numerator:
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Net profit (loss) attributable to Farmland Partners Inc.
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$
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1,687
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$
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872
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$
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60
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$
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(481)
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Less: Nonforfeitable distributions allocated to unvested restricted shares
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(37)
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(23)
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(80)
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(53)
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Less: Distributions on redeemable non-controlling interests in Operating Partnership, common
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—
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—
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—
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(113)
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Less: Distributions on redeemable non-controlling interests in Operating Partnership, preferred
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(878)
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(887)
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(1,755)
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(1,170)
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Net income (loss) attributable to common stockholders
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$
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772
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$
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(38)
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$
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(1,775)
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$
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(1,817)
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Denominator:
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Weighted-average number of common shares - basic
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32,457
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12,452
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29,594
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12,146
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Conversion of preferred units(1)
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—
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—
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—
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—
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Unvested restricted shares(1)
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—
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—
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—
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—
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Weighted-average number of common shares - diluted
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32,457
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12,452
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29,594
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12,146
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Earnings (Loss) per share attributable to common stockholders - basic
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$
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0.02
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$
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0.00
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$
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(0.06)
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$
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(0.15)
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Earnings (Loss) per share attributable to common stockholders - diluted
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$
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0.02
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$
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0.00
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$
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(0.06)
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$
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(0.15)
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(1)
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Anti-dilutive for the six months ended June 30, 2017 and the three and six months ended June 30, 2016. |
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| Schedule of equity awards and units outstanding |
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June 30, 2017
|
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December 31, 2016
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Shares
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32,542
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17,163
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OP Units
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6,374
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5,692
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Unvested restricted stock
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287
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188
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39,203
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23,043
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