Earnings Per Share

The Company uses the two-class method in calculating basic and diluted earnings per share. Net income/(loss) is allocated between our common stock and other participating securities based on their participation rights. Diluted net income per share has been computed using the weighted average number of shares of common stock outstanding and other dilutive securities. The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the three months ended March 31, 2020 and March 31, 2019 (in thousands, except share and per share data):



	Three Months Ended March 31,
Numerator	2020			2019
Net income/(Loss)	$	(7,400	)	$	19,890
Less: Preferred stock dividends	4,515			3,320
Less: Undistributed earnings allocated to preferred stock	—			462
Net income/(Loss) attributable to common shareholders (for basic and diluted earnings per share)	(11,915		)	16,108

Denominator
Weighted-average common shares outstanding for basic earnings per share	44,263,334			39,798,215
Effect of dilutive shares:
Unvested restricted shares	11,518			13,089
Weighted-average common shares outstanding for diluted earnings per share	44,274,852			39,811,304

Basic earnings per share	$	(0.27	)	$	0.40
Diluted earnings per share	$	(0.27	)	$	0.40