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Equity (Tables)
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Net income attributable to common stockholders and the issuance of our Class A shares in exchange for the conversion of OP Units into common stock
The following is net income attributable to common stockholders and the issuance of our Class A shares in exchange for the conversion of OP Units into common stock (amounts in thousands):
 
Three Months Ended
 
March 31, 2020
 
March 31, 2019
Net income attributable to common stockholders
$
4,495

 
$
5,677

Increase in additional paid-in capital for the conversion of OP Units into common stock
7,661

 
3,271

Change from net income attributable to common stockholders and transfers from non-controlling interests
$
12,156

 
$
8,948
Schedule of Equity Securities Repurchased
The following table summarizes our purchases of equity securities each of the three months ended March 31, 2020 and the month of April 2020:
Period
Total Number of Shares Purchased
 
Average Price Paid per Share
 
Total Number of Shares Purchased as Part of Publicly Announced Plan
 
Maximum Approximate Dollar Value Available for Future Purchase (in thousands)
March 2020
6,570,778

 
$
9.54

 
6,570,778

 
$
437,334

 
 
 
 
 
 
 
 
April 2020
2,345,129

 
$
8.66

 
2,345,129

 
$
417,023
Summary of restricted stock and LTIP unit activity
The following is a summary of restricted stock and LTIP unit activity for the three months ended March 31, 2020:
 
Restricted Stock
 
LTIP Units
 
Weighted Average Grant Fair Value
Unvested balance at December 31, 2019
118,918

 
5,986,569

 
$
9.73

Vested
(42,702
)
 
(638,907
)
 
15.54

Granted
158,806

 
5,344,748

 
5.23

Forfeited or unearned
—

 
(841,587
)
 
11.09

Unvested balance at March 31, 2020
235,022

 
9,850,823

 
$
6.76
Earnings per share
Earnings per share for the three months ended March 31, 2020 and 2019 is computed as follows (amounts in thousands, except per share amounts):
 
Three Months Ended
 
March 31, 2020
 
March 31, 2019
Numerator - Basic:
 
 
 
Net income
$
8,288

 
$
9,856

Private perpetual preferred unit distributions
(1,050
)
 
(234
)
Net income attributable to non-controlling interests
(2,743
)
 
(3,945
)
Earnings allocated to unvested shares
(11
)
 
(7
)
Net income attributable to common stockholders - basic
$
4,484

 
$
5,670

 
 
 
 
Numerator - Diluted:
 
 
 
Net income
$
8,288

 
$
9,856

Private perpetual preferred unit distributions
(1,050
)
 
(234
)
Earnings allocated to unvested shares
(11
)
 
(7
)
Net income attributable to common stockholders - diluted
$
7,227

 
$
9,615

 
 
 
 
Denominator:
 
 
 
Weighted average shares outstanding - basic
181,741

 
175,850

Operating partnership units
110,904

 
122,199

Effect of dilutive securities:
 
 
 
   Stock-based compensation plans
—

 
—

Weighted average shares outstanding - diluted
292,645

 
298,049

 
 
 
 
Earnings per share:
 
 
 
Basic
$
0.02

 
$
0.03

Diluted
$
0.02

 
$
0.03