Earnings Per Share

12 Months Ended

Dec. 31, 2019

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. The LTIP units held by the non-controlling interest holders, which may be converted to common shares of beneficial interest, have been excluded from the denominator of the diluted earnings per share calculation as there would be no effect on the amounts since limited partners' share of income or loss would also be added back to net income or loss. Unvested restricted shares, unvested long-term incentive plan units and unvested Class A Performance LTIP 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 year ended
	December 31,
	2019		2018		2017
Numerator:
Net income	$	18,703	$	30,641	$	29,478
Dividends paid on unvested shares and LTIP units	(297)		(310)		(235)

Net income attributable to common shareholders	$	18,406	$	30,331	$	29,243
Denominator:
Weighted average number of common shares - basic	46,788,784		46,073,515		39,859,143
Effect of dilutive securities:
Unvested shares	234,496		170,145		253,123
Weighted average number of common shares - diluted	47,023,280		46,243,660		40,112,266
Basic income per Common Share:
Net income attributable to common shareholders per weighted average common share	$	0.39	$	0.66	$	0.73
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average common share	$	0.39	$	0.66	$	0.73