Earnings Per Share

12 Months Ended

Dec. 31, 2015

The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share

data):



	For the year ended December 31,
	2015			2014			2013
Numerator:
Net income (loss) attributable to common shareholders	$	68,718		$	47,787		$	19,965
Less: dividends paid on unvested share-based compensation	(432		)	(459		)	(328		)
Undistributed earnings attributable to share-based compensation	—			—			—
Net income (loss) available to common shareholders	$	68,286		$	47,328		$	19,637
Denominator:
Weighted-average number of common shares — basic	71,715,870			65,646,712			61,498,389
Effect of dilutive share-based compensation	668,419			617,406			338,352
Weighted-average number of common shares — diluted	72,384,289			66,264,118			61,836,741

Net income (loss) per share available to common shareholders — basic	$	0.95		$	0.72		$	0.32
Net income (loss) per share available to common shareholders — diluted	$	0.94		$	0.71		$	0.32

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.