Earnings Per Share

9 Months Ended

Sep. 30, 2019

11.	Earnings Per Share

The following table 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 (in thousands, except per share amounts).

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2019			2018			2019			2018
Numerators – Basic and Diluted
Net income (loss)	$	23,901		$	(8,692	)	$	77,533		$	(65,222	)
Plus: Income attributable to non-controlling interests		(271	)		(239	)		(836	)		(1,191	)
Less: Preferred dividends		(8,382	)		(8,382	)		(25,148	)		(25,148	)
Less: Earnings attributable to unvested shares and operating partnership units		(174	)		(119	)		(520	)		(971	)
Net income (loss) attributable to common shareholders after allocation to participating securities	$	15,074		$	(17,432	)	$	51,029		$	(92,532	)
Denominators – Number of Shares
Basic—Average shares outstanding		180,567			184,655			180,555			184,616
Assumed conversion of diluted securities		940			—			1,064			—
Diluted—Average shares outstanding		181,507			184,655			181,619			184,616
Earnings (Loss) Per Share:
Basic	$	0.08		$	(0.09	)	$	0.28		$	(0.50	)
Diluted	$	0.08		$	(0.09	)	$	0.28		$	(0.50	)

Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2019 and March 2018 were dilutive and the PRSUs issued in March 2017 were anti-dilutive in the computation of EPS for the three and nine months ended September 30, 2019. PRSUs issued in March 2018 and March 2017 were not considered in the computation of diluted EPS for the three and nine months ended September 30, 2018, as the calculation was anti-dilutive. For the three and nine months ended September 30, 2019, the Company recorded a mark-to-market adjustment of $1.4 million and $2.8 million, respectively, primarily in connection with the PRSUs issued in March 2018.

Stock Repurchase Program

In 2018, the Company’s Board of Directors authorized a $100 million common share repurchase program. In 2019, the Company repurchased 1.2 million shares at a cost of $14.1 million. These shares are recorded as Treasury Shares on the Company’s consolidated balance sheet.