Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of components used in the calculation of basic and diluted EPS

The following table summarizes the components used in the calculation of basic and diluted earnings per share (EPS):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Numerator:
Net (loss) income attributable to common shareholders	$	(2,288)		$	(28,153)		$	12,722		$	16,225
Earnings allocated to unvested restricted shares	—			(105)			(244)			(295)
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	(2,288)		$	(28,258)		$	12,478		$	15,930

Denominator:
Denominator for (loss) earnings per common share – basic:
Weighted average number of common shares outstanding	213,385		(a)	212,995		(b)	213,312		(a)	212,932		(b)
Effect of dilutive securities:
Stock options	—		(c)	—		(c)	—		(c)	—		(c)
RSUs	—		(d)	—		(e)	—		(d)	124		(e)
Denominator for (loss) earnings per common share – diluted:
Weighted average number of common and common equivalent shares outstanding	213,385			212,995			213,312			213,056

(a)Excludes 868 shares of unvested restricted common stock as of September 30, 2020, which equate to 868 and 790 shares for the three and nine months ended September 30, 2020, respectively, on a weighted average basis. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released.

(b)Excludes 660 shares of unvested restricted common stock as of September 30, 2019, which equate to 661 and 641 shares for the three and nine months ended September 30, 2019, respectively, on a weighted average basis. These shares were excluded from the computation of basic EPS as the contingencies remained and the shares had not been released as of the end of the reporting period.

(c)There were outstanding options to purchase 16 and 22 shares of common stock as of September 30, 2020 and 2019, respectively, at a weighted average exercise price of $15.87 and $17.34, respectively. Of these totals, outstanding options to purchase 16 and 18 shares of common stock as of September 30, 2020 and 2019, respectively, at a weighted average exercise price of $15.87 and $18.58, respectively, have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive.

(d)As of September 30, 2020, there were 974 RSUs eligible for future conversion upon completion of the performance periods (see Note 5 to the condensed consolidated financial statements), which equate to 974 and 972 RSUs, respectively, on a weighted average basis for the three and nine months ended September 30, 2020. These contingently issuable shares have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive.

(e)As of September 30, 2019, there were 839 RSUs eligible for future conversion upon completion of the performance periods, which equate to 839 and 836 RSUs, respectively, on a weighted average basis for the three and nine months ended September 30, 2019. For the three months ended September 30, 2019, these contingently issuable shares have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive. For the nine months ended September 30, 2019, these contingently issuable shares are a component of calculating diluted EPS.