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,
	2019			2018
Numerator:
Net income (loss) attributable to common shareholders	$	(2,504	)	$	20,386
Less: dividends paid on unvested share-based compensation	(73		)	(83		)
Net income (loss) available to common shareholders	$	(2,577	)	$	20,303
Denominator:
Weighted-average number of common shares — basic	130,431,074			68,876,444
Effect of dilutive share-based compensation	—			331,604
Weighted-average number of common shares — diluted	130,431,074			69,208,048

Net income (loss) per share available to common shareholders — basic	$	(0.02	)	$	0.29
Net income (loss) per share available to common shareholders — diluted	$	(0.02	)	$	0.29

For the three months ended March 31, 2019 and 2018, 179,476 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. The LTIP and OP 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.