Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2020

Basic EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS 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 EPS 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 EPS calculations.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
Net (loss) income attributable to common stockholders	(80,437)		$	11,529	$	(187,778)	$	49,434
Dividends declared on unvested share-based compensation	—		(31)		—		(101)
Net (loss) income available to common stockholders	$	(80,437)	$	11,498	$	(187,778)	$	49,333
Denominator:
Weighted-average number of common shares outstanding—basic	200,978,327		201,448,348		200,994,434		202,218,646
Effect of dilutive securities:
Unvested restricted common stock	—		102,309		—		59,793

Shares related to unvested PSUs	—		441,632		—		404,149
Weighted-average number of common shares outstanding—diluted	200,978,327		201,992,289		200,994,434		202,682,588
Earnings (loss) per share:
Net (loss) income per share available to common stockholders—basic	$	(0.40)	$	0.06	$	(0.93)	$	0.24
Net (loss) income per share available to common stockholders—diluted	$	(0.40)	$	0.06	$	(0.93)	$	0.24

For each of the three and nine month periods ended September 30, 2020 and 2019, there were no anti-dilutive securities that were excluded from diluted weighted-average common shares outstanding.

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.