Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2019

Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of Basic Earnings Per Share

The table below provides a reconciliation of net income (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 the 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.

(in thousands except per share amounts)	Three Months Ended March 31,
	2019			2018
Numerator
Net loss (income)	$	(10,894	)		16,201
Net income (loss) attributable to non-controlling interests		3,927			(5,873	)
Preferred dividends		(1,225	)		(1,228	)
Net income (loss) attributable to common shareholders	$	(8,192	)	$	9,100
Earnings allocated to unvested participating securities		—			(22	)
Net income (loss) available to common shareholders - Basic and diluted	$	(8,192	)	$	9,078

Denominator
Weighted average Class A common shares outstanding		35,671			33,673
Weighted average Class C common shares outstanding		—			1,741
Weighted average Class A and Class C common shares outstanding - Basic		35,671			35,414
Restricted shares and share units		—			87
Weighted average Class A and Class C common shares outstanding - Diluted		35,671			35,501

Net income (loss) per share attributable to Class A and Class C common shareholders - Basic	$	(0.23	)	$	0.26
Net income (loss) per share attributable to Class A and Class C common shareholders - Diluted	$	(0.23	)	$	0.26