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,
	2018			2017			2018			2017
Numerator:
Net income (loss) attributable to common shareholders	$	54,079		$	39,488		$	74,465		$	49,499
Less: dividends paid on unvested share-based compensation	(83		)	(104		)	(166		)	(207		)
Undistributed earnings attributable to share-based compensation	(88		)	(52		)	(69		)	—
Net income (loss) available to common shareholders	$	53,908		$	39,332		$	74,230		$	49,292
Denominator:
Weighted-average number of common shares — basic	68,912,185			69,168,788			68,894,413			70,383,149
Effect of dilutive share-based compensation	292,386			299,566			332,685			323,653
Weighted-average number of common shares — diluted	69,204,571			69,468,354			69,227,098			70,706,802

Net income (loss) per share available to common shareholders — basic	$	0.78		$	0.57		$	1.08		$	0.70
Net income (loss) per share available to common shareholders — diluted	$	0.78		$	0.57		$	1.07		$	0.70

For the three and six months ended June 30, 2018, 83,130 and 4,212, 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 17,758 and 18,394 unvested service condition restricted shares and performance-based equity awards excluded from diluted weighted-average common shares for the three and six months ended June 30, 2017, 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.