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 June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Numerator
Net loss (income)	$	(25,885	)		(10,602	)	$	(36,779	)	$	5,599
Net income (loss) attributable to non-controlling interests		8,982			3,831			12,909			(2,042	)
Preferred dividends		(1,225	)		(1,225	)		(2,450	)		(2,453	)
Net income (loss) attributable to common shareholders	$	(18,128	)	$	(7,996	)	$	(26,320	)	$	1,104
Earnings allocated to unvested participating securities		—			—			—			(4	)
Net income (loss) available to common shareholders - Basic and diluted	$	(18,128	)	$	(7,996	)	$	(26,320	)	$	1,100

Denominator
Weighted average Class A common shares outstanding		36,291			35,372			35,983			34,527
Weighted average Class C common shares outstanding		—			111			—			922
Weighted average Class A and Class C common shares outstanding - Basic		36,291			35,483			35,983			35,449
Restricted shares and share units		—			—			—			139
Weighted average Class A and Class C common shares outstanding - Diluted		36,291			35,483			35,983			35,588

Net income (loss) per share attributable to Class A and Class C common shareholders - Basic	$	(0.50	)	$	(0.23	)	$	(0.73	)	$	0.03
Net income (loss) per share attributable to Class A and Class C common shareholders - Diluted	$	(0.50	)	$	(0.23	)	$	(0.73	)	$	0.03

No adjustments were made to the numerator for the three and six months ended June 30, 2019 or the six months ended June 30, 2018 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 three and six months ended June 30, 2019 or the six months ended June 30, 2018 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 the Operating Partnership loss attributable to such interests be added back to net loss, therefore, resulting in no effect on earnings per share.

As of June 30, 2019, and December 31, 2018, there were 355,990 and 403,129 shares, respectively, of non-vested restricted shares and share units outstanding.