Year Ended December 31,

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

2020

2019

2018

Basic Earnings

Net income (loss)

$

46,069

$

75,056

$

61,457

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

1,199

2,088

2,199

Less: Income attributable to participating shares

1,392

653

217

Basic earnings

$

43,478

$

72,315

$

59,041

Diluted Earnings

Net income (loss)

$

46,069

$

75,056

$

61,457

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

1,199

2,088

2,199

Less: Income attributable to participating shares

1,392

653

217

Diluted earnings

$

43,478

$

72,315

$

59,041

Number of Shares

Basic — Average shares outstanding

53,736,523

42,011,750

32,085,975

Effect of dilutive securities — Unvested participating shares

81,855

35,898

16,209

Diluted — Average shares outstanding

53,818,378

42,047,648

32,102,184

Earnings Per Share Attributable to RC Common Stockholders:

Basic

$

0.81

$

1.72

$

1.84

Diluted

$

0.81

$

1.72

$

1.84