Earnings Per Share

9 Months Ended

Sep. 30, 2020

The following is a summary of the basic and diluted net income 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)	2020		2019		2020		2019
Net income (loss) attributable to common stockholders	$	(502)	$	6,860	$	5,502	$	25,272
Adjustments to net income (loss) attributable to common stockholders for common share equivalents	(102)		(176)		(366)		(510)
Adjusted net income (loss) attributable to common stockholders	$	(604)	$	6,684	$	5,136	$	24,762

Weighted average common shares outstanding — Basic	89,482,577		85,254,638		89,470,525		83,539,304
Weighted average common shares outstanding — Diluted	89,482,577		86,202,582		89,470,525		84,487,248
Net income (loss) per share attributable to common stockholders — Basic and Diluted	$	(0.01)	$	0.08	$	0.06	$	0.30

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 Restricted Shares, unvested RSUs and unearned LTIP Units contain rights to receive distributions considered to be non-forfeitable, except 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 distributions to the unvested Restricted Shares, 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 Restricted Shares, unvested RSUs and unvested 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 nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Unvested RSUs	44,949	40,944	44,949	40,944
Unvested Restricted Shares (1)	21,526	—	7,228	—
LTIP Units (2)	2,554,930	1,647,230	2,554,930	1,647,230
Total common share equivalents excluded from EPS calculation	2,621,405	1,688,174	2,607,107	1,688,174

(1) There were 132,025 Restricted Shares issued and outstanding as of September 30, 2020. See Note 12 — Equity-Based Compensation for additional information on the Restricted Shares, including their issuance during September 30, 2020.

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

Conditionally issuable shares relating to the 2018 OPP award (see Note 12 — Equity-Based Compensation) would be included in the computation of fully diluted EPS (if dilutive) based on shares that would be issued as if the balance sheet date were the end of the measurement period. No LTIP Unit share equivalents were included in the computation for the three and nine months ended September 30, 2020 and 2019.