Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

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,
	2020			2019
Numerator:
Net income (loss) attributable to common shareholders	$	33,810		$	(2,504	)
Less: dividends paid on unvested share-based compensation	(2		)	(73		)
Undistributed earnings attributable to share-based compensation	(48		)	—
Net income (loss) available to common shareholders	$	33,760		$	(2,577	)
Denominator:
Weighted-average number of common shares — basic	130,555,846			130,431,074
Effect of dilutive share-based compensation	123,062			—
Weighted-average number of common shares — diluted	130,678,908			130,431,074
Net income (loss) per share available to common shareholders — basic	$	0.26		$	(0.02	)
Net income (loss) per share available to common shareholders — diluted	$	0.26		$	(0.02	)

For the three months ended March 31, 2020 and 2019, 203,152 and 179,476, 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.