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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2019
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.
 
All outstanding stock options were included in the computation of diluted earnings per share for the years ended December 31, 2019, 2018 and 2017 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. For the years ended December 31, 2019, 2018, and 2017, we had unvested performance-based restricted stock awards of 755,991 shares, 453,664 shares and 464,924 shares, 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.
 
Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts):
 
 
 
2019
 
2018
 
2017
Numerator:
 
 

 
 

 
 

Net income
 
$
82,348

 
$
91,126

 
$
99,521

Less: Preferred dividends
 
(14,838
)
 
(16,671
)
 
(17,408
)
Premium on redemption of preferred stock
 
—

 
(3,277
)
 
(2,572
)
Allocation to participating securities
 
(309
)
 
(271
)
 
(307
)
Attributable to non-controlling interest in Operating Partnership
 
(157
)
 
(205
)
 
(307
)
Attributable to non-controlling interest in joint venture
 
419

 
—

 
—

Net income attributable to common stockholders, net of amount allocated to participating securities
 
$
67,463

 
$
70,702

 
$
78,927

Denominator:
 
 

 
 

 
 

Weighted average common shares outstanding - basic
 
103,887

 
103,623

 
99,406

Dilutive effect of equity-based compensation awards
 
52

 
219

 
374

Weighted average common shares outstanding - diluted
 
103,939

 
103,842

 
99,780

Earnings per share:
 
 

 
 

 
 

Basic and diluted
 
$
0.65

 
$
0.68

 
$
0.79