Earnings per Common Share

9 Months Ended

Sep. 30, 2015

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,
	2015			2014			2015			2014
Numerator:
Net income (loss) attributable to common shareholders	$	31,631		$	23,737		$	52,290		$	38,325
Less: dividends paid on unvested share-based compensation	(109		)	(125		)	(323		)	(375		)
Undistributed earnings attributable to share-based compensation	(45		)	(63		)	—			—
Net income (loss) available to common shareholders	$	31,477		$	23,549		$	51,967		$	37,950
Denominator:
Weighted-average number of common shares — basic	71,735,129			64,859,494			71,709,380			64,133,134
Effect of dilutive share-based compensation	716,181			486,694			783,533			480,315
Weighted-average number of common shares — diluted	72,451,310			65,346,188			72,492,913			64,613,449

Net income (loss) per share available to common shareholders — basic	$	0.44		$	0.36		$	0.72		$	0.59
Net income (loss) per share available to common shareholders — diluted	$	0.43		$	0.36		$	0.72		$	0.59

For the three months ended September 30, 2015, 10,533 unvested service condition restricted shares and performance based equity awards were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive. 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.