11. EARNINGS PER SHARE AND EARNINGS PER UNIT

The Company reports earnings per share and earnings per unit data in accordance ASC Topic 260, “Earnings Per Share.” Under ASC Topic 260-10, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and shall be included in the computation of earnings-per-share pursuant to the two-class method. The Parent Company and the Operating Partnership have calculated their basic and diluted earnings per share/unit using the two-class method.

The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method.

Earnings Per Share


(in thousands except per share data)	Three Months Ended Jun. 30, 2017		Three Months Ended Jun. 30, 2016		Six Months Ended Jun. 30, 2017		Six Months Ended Jun. 30, 2016
Numerator:
Net income attributable to common shareholders	$	19,355	$	43,456	$	39,785	$	71,796
Denominator:
Denominator for basic earnings per share – weighted average shares		46,365		41,980		46,335		40,196
Effect of Dilutive Securities:
Stock options and non-vested stock		113		247		113		249

Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion		46,478		42,227		46,448		40,445
Basic earnings per common share attributable to common shareholders	$	0.42	$	1.04	$	0.86	$	1.79
Diluted earnings per common share attributable to common shareholders	$	0.42	$	1.03	$	0.86	$	1.78

Earnings Per Unit

The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method.


(in thousands except per unit data)	Three Months Ended Jun. 30, 2017		Three Months Ended Jun. 30, 2016		Six Months Ended Jun. 30, 2017		Six Months Ended Jun. 30, 2016
Numerator:
Net income attributable to common unitholders	$	19,355	$	43,456	$	39,785	$	71,796
Denominator:
Denominator for basic earnings per unit – weighted average units		46,365		41,980		46,335		40,196
Effect of Dilutive Securities:
Stock options and non-vested stock		113		247		113		249

Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion		46,478		42,227		46,448		40,445
Basic earnings per common unit attributable to common unitholders	$	0.42	$	1.04	$	0.86	$	1.79
Diluted earnings per common unit attributable to common unitholders	$	0.42	$	1.03	$	0.86	$	1.78

Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 15,500 stock options and 133,094 unvested restricted shares for the three months ended June 30, 2017, and 102,173 unvested restricted shares for the three months ended June 30, 2016, because their effect would be antidilutive. Not included in the effect of dilutive securities above are 13,250 stock options and 142,074 unvested restricted shares for the six months ended June 30, 2017, and 116,373 unvested restricted shares for the six months ended June 30, 2016, because their effect would be antidilutive.