Earnings Per Share

3 Months Ended

Mar. 31, 2016

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 March 31,
	2016			2015
Numerator:
Net income (loss) attributable to common shareholders	$	6,566		$	655
Less: dividends paid on unvested share-based compensation	(121		)	(107		)
Undistributed earnings attributable to share-based compensation	—			—
Net income (loss) available to common shareholders	$	6,445		$	548
Denominator:
Weighted-average number of common shares — basic	71,836,815			71,673,669
Effect of dilutive share-based compensation	474,266			772,560
Weighted-average number of common shares — diluted	72,311,081			72,446,229

Net income (loss) per share available to common shareholders — basic and diluted	$	0.09		$	0.01

For the three months ended March 31, 2016, 133,616 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. There were no anti-dilutive shares excluded for the three months ended March 31, 2015. 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.