10. EARNINGS PER SHARE

We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing Net (Loss) Income Attributable to Stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.

OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents, and have the potential to be exchanged for an equal number of shares of our common stock in accordance with the terms of the the Partnership Agreement.

In previous periods, we issued certain share-based awards to employees which are tied to the value of our EVPS, but that are paid in cash upon vesting. We have a small number of these awards that remain outstanding, however, they are not considered to be participating securities as they are not convertible into common stock, and as such are not included as a component of our basic or diluted EPS calculation.

The impact of outstanding OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the OP units based on dividends declared and the OP units’ participation rights in undistributed earnings. The effects of the two-class method on basic and diluted EPS were immaterial to the consolidated financial statements as of June 30, 2020 and 2019.

The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations (in thousands, except per share amounts):



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020		2019
Numerator:
Net (loss) income attributable to stockholders - basic	$	(5,588	)	$	(36,570	)	$	4,181	$	(41,765	)
Net (loss) income attributable to convertible OP units⁽¹⁾	(825		)	(5,643		)	605		(6,426		)
Net (loss) income - diluted	$	(6,413	)	$	(42,213	)	$	4,786	$	(48,191	)
Denominator:
Weighted-average shares - basic	290,464			283,010			290,209		282,148
OP units⁽¹⁾	42,743			43,288			42,818		43,640
Dilutive restricted stock awards	—			—			393		—
Adjusted weighted-average shares - diluted	333,207			326,298			333,420		325,788
Earnings per common share:
Basic and diluted (loss) income per share	$	(0.02	)	$	(0.13	)	$	0.01	$	(0.15	)

⁽¹⁾ OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership income or loss attributable to these OP units, which is included as a component of Net Loss (Income) Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator as these OP units were included in the denominator for all years presented.

Approximately 1.1 million time-based and 2.7 million performance-based unvested stock awards were outstanding as of June 30, 2020. Approximately 1.1 million time-based and 1.5 million performance-based unvested stock awards were outstanding as of June 30, 2019. These securities were anti-dilutive for the three months ended June 30, 2020 and the three and six months ended June 30, 2019. As a result, their impact was excluded from the weighted-average common shares used to calculate diluted EPS for those periods.