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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
 
We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested time-based restricted stock awards with non-forfeitable dividends and for our common stock. Our non-vested time-based restricted stock awards with non-forfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. Our non-vested time-based restricted stock awards with non-forfeitable dividends do not have such an obligation so they are not allocated losses.
 
Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share):
 
 
 For the Three Months Ended
June 30,
 
 For the Six Months Ended
June 30,
 
 
2017
 
2016
 
2017
 
2016
Numerator:
 
 

 
 

 
 

 
 

Net income
 
$
34,083

 
$
21,955

 
$
67,289

 
$
70,689

Less: Preferred dividends
 
(4,200
)
 
(4,147
)
 
(8,400
)
 
(8,294
)
Allocation to participating securities
 
(126
)
 
(51
)
 
(240
)
 
(80
)
Attributable to non-controlling interest
 
(114
)
 
(90
)
 
(234
)
 
(339
)
Net income attributable to common stockholders, net of amount allocated to participating securities
 
$
29,643

 
$
17,667

 
$
58,415

 
$
61,976

Denominator:
 
 

 
 

 
 

 
 

Weighted average common shares outstanding - basic
 
98,184

 
86,433

 
95,488

 
86,396

Dilutive effect of equity-based compensation awards
 
522

 
922

 
495

 
868

Weighted average common shares outstanding - diluted
 
98,706

 
87,355

 
95,983

 
87,264

Earnings per share:
 
 

 
 

 
 

 
 

Basic
 
$
0.30

 
$
0.20

 
$
0.61

 
$
0.72

Diluted
 
$
0.30

 
$
0.20

 
$
0.61

 
$
0.71



All outstanding stock options were included in the computation of diluted earnings per share for the three and six months ended June 30, 2017 and 2016 due to their dilutive effect. The Common Units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income would also be added to derive net income attributable to common stockholders. We had unvested performance-based restricted stock awards of 619,429 shares and 449,027 shares for the three months ended June 30, 2017 and 2016, respectively, and 619,429 shares and 449,027 shares for the six months ended June 30, 2017 and 2016, respectively, which were excluded from the denominator of the diluted earnings per share as the awards had not achieved the requisite performance conditions for vesting at each period end.