EARNINGS PER SHARE

Basic earnings per share is based on net income (loss) attributable to common shareholders, which is calculated as net income (loss) less cumulative preferred stock dividends. Diluted earnings per share includes the dilutive effect of unvested equity compensation awards and the potential conversion of preferred stock, if dilutive.

The following summarizes the calculation of basic earnings per share for the three months ended March 31, 2018 and 2017 (in thousands, except per share amounts):



	Three Months Ended March 31, 2018			Three Months Ended March 31, 2017
Net loss	$	(33,035	)	$	(10,277	)
Less: cumulative preferred stock dividends	4,832			—
Net loss attributable to common shareholders	$	(37,867	)	$	(10,277	)
Weighted average common stock outstanding	78,198			65,692
Basic loss per share	$	(0.48	)	$	(0.16	)

The following summarizes the calculation of diluted earnings per share for the three months ended March 31, 2018 and 2017 (in thousands, except per share amounts):



	Three Months Ended March 31, 2018			Three Months Ended March 31, 2017
Net loss	$	(33,035	)	$	(10,277	)
Less: cumulative preferred stock dividends	4,832			—
Net loss attributable to common shareholders	$	(37,867	)	$	(10,277	)
Weighted average common stock outstanding	78,198			65,692
Effect of dilutive securities	—			—
Diluted weighted average common stock outstanding	78,198			65,692
Diluted loss per share	$	(0.48	)	$	(0.16	)

For the three months ended March 31, 2018, we experienced net losses attributable to common shareholders. The unvested equity compensation awards and the preferred stock would have been antidilutive and, therefore, were not included in the computation of diluted earnings per share. For the three months ended March 31, 2017, we experienced net losses. The unvested equity compensation awards would have been antidilutive and, therefore, were not included in the computation of diluted earnings per share.