Earnings Per Share

3 Months Ended

Mar. 31, 2016

The two class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. Unvested restricted shares and unvested LTIP units and unvested Class A Performance units that could potentially dilute basic earnings per share in the future would not be included in the computation of diluted loss per share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data):



	For the three months ended
	March 31,
	2016			2015
Numerator:
Net income attributable to common shareholders	$	3,300		$	1,411
Dividends paid on unvested shares and units	(46		)	(43		)
Net income attributable to common shareholders	$	3,254		$	1,368
Denominator:
Weighted average number of common shares - basic	38,274,448			37,018,039
Effect of dilutive securities:
Unvested shares	396,681			304,239
Weighted average number of common shares - diluted	38,671,129			37,322,278
Basic income per Common Share:
Net income attributable to common shareholders per weighted average basic common share	$	0.09		$	0.04
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average diluted common share	$	0.08		$	0.04