Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2018

The following table presents a reconciliation of net income (loss) attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share (“EPS”) for the years ended December 31, 2018, 2017 and 2016:



	Years Ended December 31,
	2018		2017		2016
Net income (loss) attributable to the Company	$	89,083,552	$	72,473,867	$	(25,579,651	)
Less: dividends declared on participating securities	7,548		9,323		183,805
Net income (loss) attributable to common stockholders	89,076,004		72,464,544		(25,763,456		)
Weighted average common shares outstanding — basic	75,049,667		75,794,705		76,195,083
Weighted average common shares outstanding — diluted	75,062,053		75,807,710		76,195,083
Earnings (loss) per common share — basic and diluted	$	1.19	$	0.96	$	(0.34	)

For the year ended December 31, 2016, the Company excluded all unvested restricted common shares outstanding issued to the Advisor and the Company’s independent directors from the calculation of diluted loss per common share as the effect would have been antidilutive.