American Homes 4 Rent

The following table reflects the Company's computation of net loss per common share on a basic and diluted basis for the three and six months ended June 30, 2018 and 2017 (in thousands, except share and per share data):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Numerator:
Net income	$	25,898		$	15,066		$	47,423		$	26,862
Less:
Noncontrolling interest	(3,150		)	(30		)	(2,036		)	(331		)
Dividends on preferred shares	11,984			15,282			26,581			28,869
Redemption of participating preferred shares	32,215			—			32,215			—
Numerator for loss per common share—basic and diluted	$	(15,151	)	$	(186	)	$	(9,337	)	$	(1,676	)

Denominator:
Weighted-average common shares outstanding—basic and diluted (1)	295,462,572			258,900,456			290,848,633			251,685,993

Net loss per common share—basic and diluted	$	(0.05	)	$	—		$	(0.03	)	$	(0.01	)

(1)

The computation of diluted earnings per share for the three months ended June 30, 2018 and 2017, excludes an aggregate of 6,974,868 and 28,351,580 potentially dilutive securities, respectively, and for the six months ended June 30, 2018 and 2017, excludes an aggregate of 6,971,928 and 28,342,309 potentially dilutive securities, respectively, which include a combination of participating preferred shares, exchangeable senior notes, common shares issuable upon exercise of stock options and unvested restricted stock units, because their effect would have been antidilutive to the respective periods. The effect of the potential conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share.

American Homes 4 Rent, L.P.

The following table reflects the Operating Partnership's computation of net loss per common unit on a basic and diluted basis for the three and six months ended June 30, 2018 and 2017 (in thousands, except unit and per unit data):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Numerator:
Net income	$	25,898		$	15,066		$	47,423		$	26,862
Less:
Noncontrolling interest	(248		)	1			(259		)	39
Preferred distributions	11,984			15,282			26,581			28,869
Redemption of participating preferred units	32,215			—			32,215			—
Numerator for loss per common unit—basic and diluted	$	(18,053	)	$	(217	)	$	(11,114	)	$	(2,046	)

Denominator:
Weighted-average common units outstanding—basic and diluted (1)	350,812,725			314,451,049			346,198,786			307,239,255

Net loss per common unit—basic and diluted	$	(0.05	)	$	—		$	(0.03	)	$	(0.01	)

(1)

The computation of diluted earnings per unit for the three months ended June 30, 2018 and 2017, excludes an aggregate of 6,974,868 and 28,351,580 potentially dilutive securities, respectively, and for the six months ended June 30, 2018 and 2017, excludes an aggregate of 6,971,928 and 28,342,309 potentially dilutive securities, respectively, which include a combination of participating preferred units, exchangeable senior notes, common units issuable upon exercise of stock options and unvested restricted stock units, because their effect would have been antidilutive to the respective periods.