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Earnings per Common Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
Earnings Per Share
The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data):
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
2014
 
2013
 
2014
 
2013
Numerator:
 
 
 
 
 
 
 
Net income (loss) attributable to common shareholders
$
23,737

 
$
11,315

 
$
38,325

 
$
15,129

Less: dividends paid on unvested share-based compensation
(125
)
 
(81
)
 
(375
)
 
(242
)
Undistributed earnings attributable to share-based compensation
(63
)
 
(11
)
 
—

 
—

Net income (loss) available to common shareholders
$
23,549

 
$
11,223

 
$
37,950

 
$
14,887

Denominator:
 
 
 
 
 
 
 
Weighted-average number of common shares — basic
64,859,494

 
61,179,524

 
64,133,134

 
61,086,834

Effect of dilutive share-based compensation
486,694

 
168,339

 
480,315

 
192,418

Weighted-average number of common shares — diluted
65,346,188

 
61,347,863

 
64,613,449

 
61,279,252

 
 
 
 
 
 
 
 
Net income (loss) per share available to common shareholders — basic
$
0.36

 
$
0.18

 
$
0.59

 
$
0.24

Net income (loss) per share available to common shareholders — diluted
$
0.36

 
$
0.18

 
$
0.59

 
$
0.24



The LTIP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive net income (loss) available to common shareholders.