Earnings Per Share

12 Months Ended

Dec. 31, 2021

The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data):


	For the year ended December 31,
		2021		2020		2019
Numerator:
Net income (loss) attributable to common shareholders		$	(235,018)	$	(424,285)	$	82,886
Less: dividends paid on unvested share-based compensation		(47)		(8)		(294)

Net income (loss) available to common shareholders		$	(235,065)	$	(424,293)	$	82,592
Denominator:
Weighted-average number of common shares — basic		130,804,354		130,610,015		130,471,670
Effect of dilutive share-based compensation		—		—		246,636
Weighted-average number of common shares — diluted		130,804,354		130,610,015		130,718,306

Net income (loss) per share available to common shareholders — basic		$	(1.80)	$	(3.25)	$	0.63
Net income (loss) per share available to common shareholders — diluted		$	(1.80)	$	(3.25)	$	0.63

For the years ended December 31, 2021, 2020 and 2019, 1,033,747, 600,436 and zero, 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. For the years ended December 31, 2021 and 2020, 29,441,175 and 19,627,450, respectively, of 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.