EARNINGS PER SHARE AND EQUITY

6 Months Ended

Jun. 30, 2020

18. EARNINGS PER SHARE AND EQUITY

Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to shareholders by the weighted average number of common shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of common shares outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.

The calculation of basic and diluted EPS is presented below:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except share and per share data)	2020		2019		2020		2019
Net (loss) income from continuing operations	$	(15,728)	$	15,008	$	(20,119)	$	5,054
Net income from discontinued operations, net of income taxes	—		785		1,331		943
Net (loss) income	(15,728)		15,793		(18,788)		5,997
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	(4,112)		(4,580)		(8,848)		(7,940)
Discontinued operations	—		41		—		(15)
Dividends on preferred shares	4,079		—		8,618		—
Net (loss) income attributable to shareholders	$	(15,695)	$	20,332	$	(18,558)	$	13,952
Weighted Average Common Shares Outstanding - Basic ⁽¹⁾	86,009,959		85,987,769		86,009,029		85,987,115
Weighted Average Common Shares Outstanding - Diluted ⁽¹⁾	86,009,959		85,989,029		86,009,029		85,987,115
Basic
Continuing operations	$	(0.18)	$	0.23	$	(0.23)	$	0.15
Discontinued operations	$	—	$	0.01	$	0.02	$	0.01
Diluted
Continuing operations	$	(0.18)	$	0.23	$	(0.23)	$	0.15
Discontinued operations	$	—	$	0.01	$	0.02	$	0.01

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⁽¹⁾The three and six months ended June 30, 2020 and 2019 includes participating securities which can be converted into a fixed amount of our shares.

For the three months ended June 30, 2020 and 2019, 1,219,065 and 119,009 shares, respectively, and for the six months ended June 30, 2020 and 2019, 499,053 and 127,923 shares, respectively, have been excluded from the calculation of Diluted EPS because the impact would be anti-dilutive.

During the six months ended June 30, 2020, we issued 18,337 common shares to certain directors as compensation.

During the six months ended June 30, 2020, certain holders of Class B Units (see Note 16) converted 911,448 Class B Units in exchange for 675,015 common shares.