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 September 30,						For the nine months ended September 30,
	2017			2016			2017			2016
Numerator:
Net income (loss) attributable to common shareholders	$	26,420		$	(43,897	)	$	75,919		$	32,618
Less: dividends paid on unvested share-based compensation	(104		)	(121		)	(311		)	(362		)
Undistributed earnings attributable to share-based compensation	—			—			—			—
Net income (loss) available to common shareholders	$	26,316		$	(44,018	)	$	75,608		$	32,256
Denominator:
Weighted-average number of common shares — basic	68,814,805			71,922,904			69,854,618			71,894,313
Effect of dilutive share-based compensation	388,115			—			373,456			482,036
Weighted-average number of common shares — diluted	69,202,920			71,922,904			70,228,074			72,376,349

Net income (loss) per share available to common shareholders — basic	$	0.38		$	(0.61	)	$	1.08		$	0.45
Net income (loss) per share available to common shareholders — diluted	$	0.38		$	(0.61	)	$	1.08		$	0.45

For the three and nine months ended September 30, 2017, 6,319 and 18,380, 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 31,311 and 117,201 unvested shares and awards excluded from diluted weighted-average common shares for the three and nine months ended September 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.