Earnings Per Share

6 Months Ended

Jun. 30, 2019

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,
	2019			2018			2019			2018
Numerator:
Net income (loss) attributable to common shareholders	$	52,234		$	54,079		$	49,730		$	74,465
Less: dividends paid on unvested share-based compensation	(74		)	(83		)	(147		)	(166		)
Undistributed earnings attributable to share-based compensation	(3		)	(88		)	—			(69		)
Net income (loss) available to common shareholders	$	52,157		$	53,908		$	49,583		$	74,230
Denominator:
Weighted-average number of common shares — basic	130,484,956			68,912,185			130,458,164			68,894,413
Effect of dilutive share-based compensation	110,898			292,386			204,243			332,685
Weighted-average number of common shares — diluted	130,595,854			69,204,571			130,662,407			69,227,098

Net income (loss) per share available to common shareholders — basic	$	0.40		$	0.78		$	0.38		$	1.08
Net income (loss) per share available to common shareholders — diluted	$	0.40		$	0.78		$	0.38		$	1.07

For the three and six months ended June 30, 2019, 163,100 and 37,137, 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 83,130 and 4,212 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, 2018, respectively, 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.