Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2020

Basic earnings (loss) per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is calculated by dividing net income (loss) available to common stockholders that has been adjusted for dilutive securities, by the weighted-average number of common shares outstanding including dilutive securities.

Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested share-based compensation (participating securities) have been excluded, as applicable, from net income or loss available to common stockholders used in the basic and diluted earnings per share calculations.

The following is a reconciliation of the calculation of basic and diluted earnings (loss) per share (in thousands, except share and per share data):



	Three Months Ended March 31,
	2020			2019
Numerator:
Net (loss) income attributable to common stockholders	$	(34,559	)	$	8,945
Dividends declared on unvested share-based compensation	—			(35		)
Net (loss) income available to common stockholders	$	(34,559	)	$	8,910
Denominator:
Weighted-average number of common shares outstanding—basic	201,207,835			202,817,124
Effect of dilutive securities:
Unvested restricted common stock	—			49,761
Shares related to unvested PSUs	—			670,944
Weighted-average number of common shares outstanding—diluted	201,207,835			203,537,829
Earnings (loss) per share:
Net (loss) income per share available to common stockholders—basic	$	(0.17	)	$	0.04
Net (loss) income per share available to common stockholders—diluted	$	(0.17	)	$	0.04

For the three months ended March 31, 2020, 168,270 of unvested restricted common shares and 375,602 of unvested PSUs were excluded from diluted weighted-average common shares outstanding, as their effect would be anti-dilutive.

The common OP units held by the noncontrolling interest holders have been excluded from the denominator of the diluted earnings (loss) per share calculation as there would be no effect on the amounts since the common OP units' share of income or loss would also be added or subtracted to derive net income (loss) available to common stockholders.