Earnings Per Share

The Company calculates basic net income per share of Common Stock (Common Share) based on the weighted average number of Common Shares outstanding, which includes vested corporate restricted share units. Unvested corporate restricted share units have a non-forfeitable right to participate in dividends declared and paid to the Company’s Common Stock on an as vested basis and are therefore considered a participating security. The Company calculates basic earnings per share using the “two-class” method under which the income available to Common Stockholders is allocated to the unvested corporate restricted stock units.

Diluted net income attributable to Common Stockholders includes the effect of unvested subsidiaries’ RSUs, when dilutive. The assumed exercise of all potentially dilutive instruments are included in the diluted net income per Common Share calculation, if dilutive.

The following table presents a reconciliation of basic and diluted net income per Common Share for the following periods:



	Year Ended December 31,
	2019			2018			2017
Net income (loss) from continuing operations	$	20,122		$	(13,887	)	$	9,232
Less:
Net income (loss) attributable to non-controlling interests	1,761			(612		)	2,603
Net income allocated to participating securities	472			—			123
Net income (loss) from continuing operations attributable to Common Shares	17,889			(13,275		)	6,506

Net income (loss) from discontinued operations	—			43,770			(3,998		)
Less:
Net income (loss) from discontinued operations attributable to non-controlling interests	—			6,562			(973		)
Net income allocated to participating securities	—			—			(56		)
Net income (loss) from discontinued operations attributable to Common Shares	—			37,208			(2,969		)
Net income (loss) attributable to Common Shares - basic	$	17,889		$	23,933		$	3,537
Effect of Dilutive Securities:
Securities of subsidiaries	(723		)	—			(128		)
Adjustments to income relating to exchangeable interests, net of tax	—			—			736
Net income (loss) attributable to Common Shares - diluted	$	17,166		$	23,933		$	4,145

Weighted average number of shares of Common Stock outstanding - basic	34,578,292			34,715,852			29,134,190
Weighted average number of incremental shares of Common Stock issuable from exchangeable interests and contingent considerations	—			—			8,172,442
Weighted average number of shares of Common Stock outstanding - diluted	34,578,292			34,715,852			37,306,632

Basic:
Net income (loss) from continuing operations	$	0.52		$	(0.38	)	$	0.22
Net income (loss) from discontinued operations	—			1.07			(0.10		)
Net income (loss) attributable to Common Shares	$	0.52		$	0.69		$	0.12

Diluted:
Net income (loss) from continuing operations	$	0.50		$	(0.38	)	$	0.21
Net income (loss) from discontinued operations	—			1.07			(0.10		)
Net income (loss) attributable to Common Shares	$	0.50		$	0.69		$	0.11