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 March 31,
	2018			2017
Numerator:
Net income (loss) attributable to common shareholders	$	20,386		$	10,011
Less: dividends paid on unvested share-based compensation	(83		)	(104		)
Net income (loss) available to common shareholders	$	20,303		$	9,907
Denominator:
Weighted-average number of common shares — basic	68,876,444			71,610,994
Effect of dilutive share-based compensation	331,604			281,826
Weighted-average number of common shares — diluted	69,208,048			71,892,820

Net income (loss) per share available to common shareholders — basic	$	0.29		$	0.14
Net income (loss) per share available to common shareholders — diluted	$	0.29		$	0.14

For the three months ended March 31, 2018 and 2017, 4,212 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. 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.