Note 13 – Earnings per Share

The table below provides a reconciliation of net loss and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares. Potentially dilutive securities consist of shares of non-vested restricted stock and the redeemable non-controlling interests in Operating Partnership.

All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing EPS pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of EPS.

Earnings per share has not been presented for Class B shareholders as they do not have economic rights.

							July 7, 2015
(in thousands except per share amounts)	Year Ended December 31,						(date operations commenced) to
	2017			2016			December 31, 2015
Numerator - Basic and Diluted
Net loss	$	(120,813	)	$	(91,009	)	$	(38,803	)
Net loss attributable to non-controlling interests		47,059			39,451			16,465
Preferred dividends		(245	)		—			—
Net loss attributable to common shareholders	$	(73,999	)	$	(51,558	)	$	(22,338	)

Denominator - Basic and Diluted
Weighted average Class A common shares outstanding		28,249			25,497			24,707
Weighted average Class C common shares outstanding		5,555			5,919			6,679
Weighted average Class A and Class C common shares outstanding		33,804			31,416			31,386

Net loss per share attributable to Class A and Class C common shareholders	$	(2.19	)	$	(1.64	)	$	(0.71	)

No adjustments were made to the numerator for the years ended December 31, 2017 or December 31, 2016, or the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, because the Company generated a net loss. During periods of net loss, undistributed losses are not allocated to the participating securities as they are not required to absorb losses.

No adjustments were made to the denominator for the years ended December 31, 2017 or December 31, 2016, or the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, because (i) the inclusion of outstanding non-vested restricted shares would have had an anti-dilutive effect and (ii) including the non-controlling interest in the Operating Partnership would also require that the share of Operating Partnership loss attributable to such interests be added back to net loss, therefore, resulting in no effect on earnings per share.

As of December 31, 2017 and December 31, 2016, there were 245,570 and 216,348 shares, respectively, of non-vested restricted stock outstanding.