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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2020
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
March 31,
 
 
2020
 
2019
Numerator:
 
 

 
 

Net (loss) income
 
$
(16,214
)
 
$
12,900

Less: Preferred dividends
 
(3,709
)
 
(3,709
)
Allocation to participating securities
 
(81
)
 
(67
)
Attributable to non-controlling interest in Operating Partnership
 
37

 
(23
)
Attributable to non-controlling interests in joint venture
 
855

 
—

Net (loss) income attributable to common stockholders, net of amount allocated to participating securities
 
$
(19,112
)
 
$
9,101

Denominator:
 
 

 
 

Weighted average common shares outstanding - basic
 
103,995

 
103,749

Dilutive effect of equity-based compensation awards
 
—

 
88

Weighted average common shares outstanding - diluted
 
103,995

 
103,837

(Loss) earnings per share:
 
 
 
 
Basic and diluted
 
$
(0.18
)
 
$
0.09



All outstanding stock options were included in the computation of diluted earnings per share for the three months ended March 31, 2019 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 922,239 shares for the three months ended March 31, 2020 and 755,991 shares for the three months ended March 31, 2019, 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.