Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,						For the six months ended June 30,
	2016			2015			2016			2015
Numerator:
Net income (loss) attributable to common shareholders	$	69,949		$	20,004		$	76,515		$	20,659
Less: dividends paid on unvested share-based compensation	(120		)	(107		)	(241		)	(215		)
Undistributed earnings attributable to share-based compensation	(185		)	—			(92		)	—
Net income (loss) available to common shareholders	$	69,644		$	19,897		$	76,182		$	20,444
Denominator:
Weighted-average number of common shares — basic	71,922,904			71,735,129			71,879,859			71,696,294
Effect of dilutive share-based compensation	396,880			690,823			493,517			767,125
Weighted-average number of common shares — diluted	72,319,784			72,425,952			72,373,376			72,463,419

Net income (loss) per share available to common shareholders — basic	$	0.97		$	0.28		$	1.06		$	0.29
Net income (loss) per share available to common shareholders — diluted	$	0.96		$	0.27		$	1.05		$	0.28

For the three and six months ended June 30, 2016, 117,201 and 117,201, respectively, of 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 40,111 and no anti-dilutive shares excluded for the three and six months ended June 30, 2015, respectively. 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.