Earnings Per Share

9 Months Ended

Sep. 30, 2021

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,
	2021		2020		2021		2020
Numerator:
Net income (loss) attributable to common shareholders	$	(43,984)	$	(138,446)	$	(181,269)	$	(243,288)
Less: dividends paid on unvested share-based compensation	(12)		(2)		(35)		(6)

Net income (loss) available to common shareholders	$	(43,996)	$	(138,448)	$	(181,304)	$	(243,294)
Denominator:
Weighted-average number of common shares — basic	130,813,750		130,645,990		130,801,187		130,588,765
Effect of dilutive share-based compensation	—		—		—		—
Weighted-average number of common shares — diluted	130,813,750		130,645,990		130,801,187		130,588,765

Net income (loss) per share available to common shareholders — basic	$	(0.34)	$	(1.06)	$	(1.39)	$	(1.86)
Net income (loss) per share available to common shareholders — diluted	$	(0.34)	$	(1.06)	$	(1.39)	$	(1.86)

For the three and nine months ended September 30, 2021, 1,035,369 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 nine months ended September 30, 2020, 547,203 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 nine months ended September 30, 2021, 29,441,175 common shares underlying the Convertible Notes have been excluded from diluted 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.