Earnings per Share

9 Months Ended

Sep. 30, 2020

Note 12—Earnings per Share

Basic and diluted EPS are calculated as follows:



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
(in thousands, except share and per share data)
Numerator:





Net income available to common stockholders — basic and diluted	$	32,540	$	33,616	$	125,178	$	93,165

Denominator:
Weighted average common shares outstanding — basic	560,598,995		537,771,245		550,722,684		528,209,033
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards	1,272,378		873,643		1,224,594		951,320
Weighted average common shares outstanding — diluted	561,871,373		538,644,888		551,947,278		529,160,353

Net income per common share — basic	$	0.06	$	0.06	$	0.23	$	0.18
Net income per common share — diluted	$	0.06	$	0.06	$	0.23	$	0.18

Incremental shares attributed to non-vested share-based awards are excluded from the computation of diluted EPS when they are anti-dilutive. For the three and nine months ended September 30, 2020, 153,114 and 120,835 incremental shares attributed to non-vested share-based awards, respectively, are excluded from the denominator as their inclusion would have been anti-dilutive. For the nine months ended September 30, 2019, 376 incremental shares attributed to non-vested share-based awards are excluded from the denominator as their inclusion would have been anti-dilutive. For the three months ended September 30, 2019, all incremental shares attributed to non-vested share-based awards were included in the denominator.

For the three and nine months ended September 30, 2020 and 2019, the vested OP Units have been excluded from the computation of EPS because all income attributable to the OP Units has been recorded as non-controlling interest and thus excluded from net income available to common stockholders.

For the nine months ended September 30, 2019, using the “if-converted” method, 8,323,258 potential shares of common stock for the 2019 Convertible Notes for the period prior to conversion are excluded from the computation of diluted EPS as they are anti-dilutive. For the three and nine months ended September 30, 2020 and 2019, 15,100,443 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes are also excluded from the computation of diluted EPS as they are anti-dilutive. Additionally, no adjustment to the numerator is required for interest expense related to the Convertible Senior Notes for the three and nine months ended September 30, 2020 and 2019. See Note 6 for further discussion about the Convertible Senior Notes.