Three Months Ended June 30,

Six Months Ended June 30,

(In Thousands, except for share and per share amounts)

2020

2019

2020

2019

Basic Earnings

Net income (loss)

$

34,663

$

11,245

$

(16,853)

$

41,693

Less: Income (loss) attributable to non-controlling interest

810

276

(254)

1,257

Less: Income attributable to participating shares

285

79

748

161

Basic earnings

$

33,568

$

10,890

$

(17,347)

$

40,275

Diluted Earnings

Net income (loss)

$

34,663

$

11,245

$

(16,853)

$

41,693

Less: Income (loss) attributable to non-controlling interest

810

276

(254)

1,257

Less: Income attributable to participating shares

285

79

748

161

Diluted earnings

$

33,568

$

10,890

$

(17,347)

$

40,275

Number of Shares

Basic — Average shares outstanding

53,980,451

44,425,598

52,982,246

38,524,023

Effect of dilutive securities — Unvested participating shares

33,507

5,665

33,507

3,294

Diluted — Average shares outstanding

54,013,958

44,431,263

53,015,753

38,527,317

Earnings Per Share Attributable to RC Common Stockholders:

Basic

$

0.62

$

0.25

$

(0.33)

$

1.05

Diluted

$

0.62

$

0.25

(0.33)

1.05