Earnings Per Share

6 Months Ended

Jun. 30, 2020

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



	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands, except share and per share data)	2020			2019			2020			2019
Net income attributable to common stockholders	$	966		$	12,621		$	6,004		$	18,412
Adjustments to net income attributable to common stockholders for common share equivalents	(129		)	(174		)	(264		)	(334		)
Adjusted net income attributable to common stockholders	$	837		$	12,447		$	5,740		$	18,078

Basic and diluted net income per share attributable to common stockholders	$	0.01		$	0.15		$	0.06		$	0.22
Weighted average shares outstanding:
Basic	89,470,114			83,847,120			89,464,433			82,667,421
Diluted	90,102,709			85,165,549			90,097,029			83,985,850

Under current authoritative guidance for determining earnings per share, all unvested 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 unvested RSUs and unearned LTIP Units contain rights to receive distributions considered to be non-forfeitable, in certain limited circumstances, 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 unvested RSUs and unearned LTIP Units from the numerator.

Diluted net income per share assumes the conversion of all Common Stock share equivalents into an equivalent number of shares of Common Stock, unless the effect is anti-dilutive. The Company considers unvested RSUs and LTIP Units to be common share equivalents. The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2020 and 2019:



	Three Months Ended June 30,		Six Months Ended June 30,
	2020	2019	2020	2019
LTIP Units ⁽¹⁾	1,967,296	1,277,465	1,967,296	1,277,465
Total common share equivalents excluded from EPS calculation	1,967,296	1,318,429	1,967,296	1,318,429

⁽¹⁾Weighted-average number of LTIP Units outstanding. There were 2,554,930 LTIP Units issued and outstanding under the 2018 OPP as of June 30, 2020 and June 30, 2019. See Note 12 — Equity-Based Compensation for additional information on the 2018 OPP.

A portion of the conditionally issuable shares relating to the 2018 OPP award (see Note 12 — Equity-Based Compensation) are included in the computation of fully diluted EPS on a weighted average basis for the three and six months ended June 30, 2020 and 2019 based on shares that would be issued if the balance sheet date were the end of the measurement period.