(Loss) Earnings Per Share

The following summarizes the calculation of basic and diluted EPS and provides a reconciliation of the amounts of net (loss) income available to common shareholders and shares of common stock used in calculating basic and diluted EPS for the three and nine months ended September 30, 2017 and 2016:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2017			2016		2017			2016
	(In thousands, except per share amounts)
Net (loss) income attributable to JBG SMITH Properties	$	(69,831	)	$	21,014	$	(57,851	)	$	49,344

Weighted average shares outstanding — basic and diluted ⁽¹⁾	114,744			100,571		105,347			100,571

(Loss) earnings per share available to common shareholders:
Basic	$	(0.61	)	$	0.21	$	(0.55	)	$	0.49
Diluted	$	(0.61	)	$	0.21	$	(0.55	)	$	0.49

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⁽¹⁾	Reflects the weighted average common shares outstanding as of the date of the Separation in all periods prior to July 17, 2017.

The effect of the conversion of 13,408 and 4,518 weighted average vested OP Units for the three and nine months ended September 30, 2017 is excluded in the computation of basic and diluted loss per share, as the assumed exchange of such units for common shares on a one-for-one basis was antidilutive (the assumed conversion of these units would have no net impact on the determination of diluted earnings per share). As vested and outstanding OP Units are held by a noncontrolling interest, losses are attributable to them based on the weighted average outstanding units and are thus excluded from the numerator in calculating basic and diluted loss per share. The number of securities that were excluded from the calculation of diluted (loss) earnings per share because they were antidilutive that potentially could be dilutive in the future are included in the following table:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2017	2016	2017	2016
OP Units	3,281	—	3,281	—
Formation Awards	2,681	—	2,681	—
LTIP Units	410	—	410	—
OPP Units	605	—	605	—