Earnings Per Share

The following is a summary of the basic and diluted net income (loss) per share computation for the periods presented:



	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands, except share and per share data)	2016			2015			2016			2015
Net income (loss) attributable to stockholders	$	8,943		$	5,432		$	31,194		$	(14,377	)
Adjustments to net income (loss) attributable to stockholders for common share equivalents	(190		)	(249		)	(577		)	(249		)
Adjusted net income (loss) attributable to stockholders	$	8,753		$	5,183		$	30,617		$	(14,626	)

Basic and diluted net income (loss) per share attributable to stockholders	$	0.05		$	0.03		$	0.18		$	(0.08	)
Basic and diluted weighted average shares outstanding	169,390,187			168,948,345			169,092,853			176,124,355

Under current authoritative guidance for determining earnings per share, all nonvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company's nonvested RSUs and LTIPs contain rights to receive non-forfeitable distributions and therefore the Company applies the two-class method of computing earnings per share. The calculation of earnings per share above excludes the non-forfeitable distributions to the nonvested RSUs and LTIPs from the numerator.

Diluted net income per share assumes the conversion of all Common Stocks share equivalents into an equivalent number of common shares, unless the effect is anti-dilutive. The Company considers unvested restricted stock, OP Units and LTIP Units to be common share equivalents. For the three and nine months ended September 30, 2016 and 2015, the following common share equivalents were excluded from the calculation of diluted earnings per share:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2016	2015	2016	2015
Unvested restricted stock	179,571	187,938	179,571	187,938
OP Units ⁽¹⁾	545,530	1,809,678	545,530	1,809,678
Class B Units	—	—	—	—
OPP (LTIP Units)	9,041,801	9,041,801	9,041,801	9,041,801
Total anti-dilutive common share equivalents	9,766,902	11,039,417	9,766,902	11,039,417

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As of September 30, 2015, OP Units included 1,726,323 converted Class B Units, 83,333 OP Units issued to the Advisor, and 22 OP Units issued to the Special Limited Partner. Subsequent to the Listing all OP Units issued to the Advisor were transferred to individual investors. On September 2, 2016, 1,264,148 of OP Units were converted into Common Stock, of which 916,231, 347,903, and 14 belong to individual investors, Service Provider, and, Special Limited Partner, respectively. The Company had 545,530 OP Units outstanding as of September 30, 2016.

Conditionally issuable shares relating to the OPP award (See Note 12 — Share Based Compensation) would be included in the computation of fully diluted EPS (if dilutive) based on shares that would be issued if the balance sheet date were the end of the measurement period. No LTIP share equivalents were included in the computation for the three and nine months ended September 30, 2015 because no units or shares would have been issued based on the stock price at September 30, 2015.