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Earnings Per Share
 9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
EARNINGS PER SHARE 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 and nine months ended September 30, 2018 and 2017 (in thousands, except per share amounts):
 
Three Months Ended September 30, 2018
 
Three Months Ended September 30, 2017
Net income (loss)
$
8,461

 
$
(19,103
)
Less: cumulative preferred stock dividends
6,317

 
—

Net income (loss) attributable to common shareholders
$
2,144

 
$
(19,103
)
Weighted average common stock outstanding
78,353

 
75,974

Basic income (loss) per share
$
0.03

 
$
(0.25
)
 
Nine Months Ended September 30, 2018
 
Nine Months Ended September 30, 2017
Net loss
$
(27,300
)
 
$
(19,769
)
Less: cumulative preferred stock dividends
17,360

 
—

Net loss attributable to common shareholders
$
(44,660
)
 
$
(19,769
)
Weighted average common stock outstanding
78,290

 
69,149

Basic loss per share
$
(0.57
)
 
$
(0.29
)
The following summarizes the calculation of diluted earnings per share for the three months and nine months ended September 30, 2018 and 2017 (in thousands, except per share amounts):
 
Three Months Ended September 30, 2018
 
Three Months Ended September 30, 2017
Net income (loss)
$
8,461

 
$
(19,103
)
Less: cumulative preferred stock dividends
6,317

 
—

Net income (loss) attributable to common shareholders
$
2,144

 
$
(19,103
)
Weighted average common stock outstanding
78,353

 
75,974

Effect of dilutive securities
624

 
—

Diluted weighted average common stock outstanding
78,977

 
75,974

Diluted income (loss) per share
$
0.03

 
$
(0.25
)
 
Nine Months Ended September 30, 2018
 
Nine Months Ended September 30, 2017
Net loss
$
(27,300
)
 
$
(19,769
)
Less: cumulative preferred stock dividends
17,360

 
—

Net loss attributable to common shareholders
$
(44,660
)
 
$
(19,769
)
Weighted average common stock outstanding
78,290

 
69,149

Effect of dilutive securities
—

 
—

Diluted weighted average common stock outstanding
78,290

 
69,149

Diluted loss per share
$
(0.57
)
 
$
(0.29
)
For the three months ended September 30, 2018, the preferred stock would have been antidilutive and therefore, was not included in the computation of diluted earnings. For the nine months ended September 30, 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 and nine months ended September 30, 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.