EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2020

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 and 2018 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, 2020, 2019, and 2018, we had unvested performance-based restricted stock awards of 922,239 shares, 755,991 shares and 453,664 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):


	2020		2019		2018
Numerator:
Net (loss) income	$	(149,245)	$	82,348	$	91,126
Less: Preferred dividends	(14,838)		(14,838)		(16,671)
Premium on redemption of preferred stock	—		—		(3,277)
Allocation to participating securities	(81)		(309)		(271)
Attributable to non-controlling interest in Operating Partnership	271		(157)		(205)
Attributable to non-controlling interest in joint venture	5,635		419		—


Net (loss) income attributable to common stockholders, net of amount allocated to participating securities	$	(158,258)	$	67,463	$	70,702

Denominator:
Weighted average common shares outstanding - basic	104,141		103,887		103,623
Dilutive effect of equity-based compensation awards	—		52		219
Weighted average common shares outstanding - diluted	104,141		103,939		103,842

(Loss) earnings per share:


Basic and diluted	$	(1.52)	$	0.65	$	0.68