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,
	2018			2017			2018			2017
Numerator:
Net income (loss) attributable to common shareholders	$	25,769		$	26,420		$	100,234		$	75,919
Less: dividends paid on unvested share-based compensation	(83		)	(104		)	(249		)	(311		)
Undistributed earnings attributable to share-based compensation	—			—			(67		)	—
Net income (loss) available to common shareholders	$	25,686		$	26,316		$	99,918		$	75,608
Denominator:
Weighted-average number of common shares — basic	68,912,185			68,814,805			68,900,402			69,854,618
Effect of dilutive share-based compensation	343,673			388,115			366,696			373,456
Weighted-average number of common shares — diluted	69,255,858			69,202,920			69,267,098			70,228,074

Net income (loss) per share available to common shareholders — basic	$	0.37		$	0.38		$	1.45		$	1.08
Net income (loss) per share available to common shareholders — diluted	$	0.37		$	0.38		$	1.44		$	1.08

For the three and nine months ended September 30, 2018, zero 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 6,319 and 18,380 unvested service condition restricted shares and performance-based equity awards excluded from diluted weighted-average common shares for the three and nine months ended September 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.