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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share

Shareholders' Equity
In April 2019, we closed an underwritten public offering of 11.5 million common shares (including 1.5 million common shares related to the exercise of the underwriters' option to cover overallotments) at $42.00 per share, which generated net proceeds, after deducting the underwriting discounts and commissions and other offering expenses, of $472.8 million. We intend to use the balance sheet capacity generated by the net proceeds of the offering to fund development opportunities and for general corporate purposes.

Earnings Per Common Share
The following summarizes the calculation of basic and diluted earnings per common share and provides a reconciliation of the amounts of net income available to common shareholders used in calculating basic and diluted earnings per common share:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(In thousands, except per share amounts)
Net income
$
10,532

 
$
26,382

 
$
35,452

 
$
45,619

Net income attributable to redeemable
   noncontrolling interests
(1,172
)
 
(3,552
)
 
(4,271
)
 
(6,532
)
Net loss attributable to noncontrolling interests
—

 
—

 
—

 
127

Net income attributable to common shareholders
9,360

 
22,830

 
31,181

 
39,214

Distributions to participating securities
(679
)
 
(153
)
 
(1,674
)
 
(527
)
Net income available to common shareholders
  — basic and diluted
$
8,681

 
$
22,677

 
$
29,507

 
$
38,687

 
 
 
 
 
 
 
 
Weighted average number of common shares
   outstanding — basic and diluted
134,127

 
119,835

 
129,527

 
118,588

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
0.06

 
$
0.19

 
$
0.23

 
$
0.33

Diluted
$
0.06

 
$
0.19

 
$
0.23

 
$
0.33


The effect of the redemption of OP Units and Time-Based LTIP Units that were outstanding as of September 30, 2019 and 2018 is excluded in the computation of diluted earnings per common share, as the assumed exchange of such units for common shares on a one-for-one basis was antidilutive (the assumed redemption of these units would have no impact on the determination of
diluted earnings per share). Since OP Units and Time-Based LTIP Units, which are held by noncontrolling interests, are attributed gains and losses at an identical proportion to the common shareholders, the gains attributable and their equivalent weighted average OP Unit and Time-Based LTIP Unit impact are excluded from net income available to common shareholders and from the weighted average number of common shares outstanding in calculating diluted earnings per common share. Performance-Based LTIP Units, Special Performance-Based LTIP Units and Formation Awards, which totaled 4.7 million for the three and nine months ended September 30, 2019 and 3.9 million and 3.8 million for the three and nine months ended September 30, 2018, were excluded from the calculation of diluted earnings per common share as they were antidilutive, but potentially could be dilutive in the future.