Earnings Per Share

12 Months Ended

Dec. 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 year ended December 31,
	2016			2015			2014
Numerator:
Net income (loss) attributable to common shareholders	$	46,952		$	68,718		$	47,787
Less: dividends paid on unvested share-based compensation	(483		)	(432		)	(459		)
Net income (loss) available to common shareholders	$	46,469		$	68,286		$	47,328
Denominator:
Weighted-average number of common shares — basic	71,901,499			71,715,870			65,646,712
Effect of dilutive share-based compensation	471,743			668,419			617,406
Weighted-average number of common shares — diluted	72,373,242			72,384,289			66,264,118

Net income (loss) per share available to common shareholders — basic	$	0.65		$	0.95		$	0.72
Net income (loss) per share available to common shareholders — diluted	$	0.64		$	0.94		$	0.71

For the years ended December 31, 2016, 2015 and 2014, 114,889, zero and zero 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. 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.