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EARNINGS PER SHARE
 9 Months Ended
Sep. 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
September 30,
 
 For the Nine Months Ended
September 30,
 
 
2017
 
2016
 
2017
 
2016
Numerator:
 
 

 
 

 
 

 
 

Net income
 
$
22,445

 
$
27,198

 
$
89,734

 
$
97,887

Less: Preferred dividends
 
(4,200
)
 
(4,993
)
 
(12,600
)
 
(13,287
)
Allocation to participating securities
 
(69
)
 
(47
)
 
(305
)
 
(127
)
Attributable to non-controlling interest
 
(55
)
 
(115
)
 
(289
)
 
(454
)
Net income attributable to common stockholders, net of amount allocated to participating securities
 
$
18,121

 
$
22,043

 
$
76,540

 
$
84,019

Denominator:
 
 

 
 

 
 

 
 

Weighted average common shares outstanding - basic
 
103,253

 
86,492

 
98,105

 
86,428

Dilutive effect of equity-based compensation awards
 
379

 
909

 
366

 
891

Weighted average common shares outstanding - diluted
 
103,632

 
87,401

 
98,471

 
87,319

Earnings per share:
 
 

 
 

 
 

 
 

Basic
 
$
0.18

 
$
0.25

 
$
0.78

 
$
0.97

Diluted
 
$
0.17

 
$
0.25

 
$
0.78

 
$
0.96



All outstanding stock options were included in the computation of diluted earnings per share for the three and nine months ended September 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 464,924 shares and 449,027 shares for the three months ended September 30, 2017 and 2016, respectively, and 464,924 shares and 449,027 shares for the nine months ended September 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.