Earnings (Loss) Per Common Share

The following summarizes the calculation of basic and diluted earnings (loss) per common share and provides a reconciliation of the amounts of net income (loss) available to common shareholders used in calculating basic and diluted earnings (loss) per common share for each of the three years in the period ended December 31, 2017:



	Year Ended December 31,
	2017			2016		2015
	(In thousands, except per share amounts)
Net income (loss)	$	(79,084	)	$	61,974	$	49,628
Net loss attributable to redeemable noncontrolling interests	7,328			—		—
Net loss attributable to noncontrolling interest	3			—		—
Net income (loss) attributable to common shareholders	(71,753		)	61,974		49,628
Distributions to participating securities	(1,655		)	—		—
Net income (loss) available to common shareholders	$	(73,408	)	$	61,974	$	49,628

Weighted average number of common shares outstanding — basic and diluted ⁽¹⁾	105,359			100,571		100,571
Earnings (loss) per common share:
Basic	$	(0.70	)	$	0.62	$	0.49
Diluted	(0.70		)	0.62		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 16.7 million OP Units that were outstanding at December 31, 2017 is excluded in the computation of basic and diluted loss per common 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). Since vested and outstanding OP Units, which are held by noncontrolling interests, are attributed gains and losses at an identical proportion to the common shareholders, the gains and losses attributable and their equivalent weighted average OP Unit impact are excluded from net income (loss) available to common shareholders and the weighted average number of common shares outstanding in calculating basic and diluted loss per common share. The number of additional securities excluded from the calculation of diluted earnings (loss) per common share as they were antidilutive, but potentially could be dilutive in the future are included in the following table for each of the three years in the period ended December 31, 2017:



	Year Ended December 31,
	2017	2016	2015
	(In thousands)
OP Units	3,087	—	—
Formation Awards	2,674	—	—
Time-Based LTIP Units	409	—	—
Performance-Based LTIP Units	605	—	—