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Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per ShareThe 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,
	2020		2019		2020		2019
Numerator:
Net income (loss) attributable to common shareholders	$	(138,652)	$	52,234	$	(104,842)	$	49,730
Less: dividends paid on unvested share-based compensation	(2)		(74)		(4)		(147)
Undistributed earnings attributable to share-based compensation	—		(3)		—		—
Net income (loss) available to common shareholders	$	(138,654)	$	52,157	$	(104,846)	$	49,583
Denominator:
Weighted-average number of common shares — basic	130,563,831		130,484,956		130,559,838		130,458,164
Effect of dilutive share-based compensation	—		110,898		—		204,243
Weighted-average number of common shares — diluted	130,563,831		130,595,854		130,559,838		130,662,407

Net income (loss) per share available to common shareholders — basic	$	(1.06)	$	0.40	$	(0.80)	$	0.38
Net income (loss) per share available to common shareholders — diluted	$	(1.06)	$	0.40	$	(0.80)	$	0.38

For the three and six months ended June 30, 2020, 558,769 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. 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. 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.