Earnings Per Share

9 Months Ended

Sep. 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 September 30,						For the nine months ended September 30,
	2016			2015			2016			2015
Numerator:
Net income (loss) attributable to common shareholders	$	(43,897	)	$	31,631		$	32,618		$	52,290
Less: dividends paid on unvested share-based compensation	(121		)	(109		)	(362		)	(323		)
Undistributed earnings attributable to share-based compensation	—			(45		)	—			—
Net income (loss) available to common shareholders	$	(44,018	)	$	31,477		$	32,256		$	51,967
Denominator:
Weighted-average number of common shares — basic	71,922,904			71,735,129			71,894,313			71,709,380
Effect of dilutive share-based compensation	—			716,181			482,036			783,533
Weighted-average number of common shares — diluted	71,922,904			72,451,310			72,376,349			72,492,913

Net income (loss) per share available to common shareholders — basic	$	(0.61	)	$	0.44		$	0.45		$	0.72
Net income (loss) per share available to common shareholders — diluted	$	(0.61	)	$	0.43		$	0.45		$	0.72

For the three and nine months ended September 30, 2016, 31,311 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 10,533 and no anti-dilutive shares excluded for the three and nine months ended September 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.