Earnings Per Share

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,
	2017			2016			2017			2016
Numerator:
Net income (loss) attributable to common shareholders	$	39,488		$	69,949		$	49,499		$	76,515
Less: dividends paid on unvested share-based compensation	(104		)	(120		)	(207		)	(241		)
Undistributed earnings attributable to share-based compensation	(52		)	(185		)	—			(92		)
Net income (loss) available to common shareholders	$	39,332		$	69,644		$	49,292		$	76,182
Denominator:
Weighted-average number of common shares — basic	69,168,788			71,922,904			70,383,149			71,879,859
Effect of dilutive share-based compensation	299,566			396,880			323,653			493,517
Weighted-average number of common shares — diluted	69,468,354			72,319,784			70,706,802			72,373,376

Net income (loss) per share available to common shareholders — basic	$	0.57		$	0.97		$	0.70		$	1.06
Net income (loss) per share available to common shareholders — diluted	$	0.57		$	0.96		$	0.70		$	1.05

For the three and six months ended June 30, 2017, 17,758 and 18,394 , 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 117,201 and 117,201 unvested shares and awards excluded from diluted weighted-average common shares for the three and six months ended June 30, 2016, respectively, 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.