Earnings per Share

Basic earnings per share (“EPS”) is calculated by dividing net income attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Certain restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such shares have rights to receive non-forfeitable dividends. Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. Unvested RSUs are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common stockholders.

The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2017 and 2016:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Computation of Basic Earnings Per Share:
Net income	$	83,380		$	57,805		$	230,473		$	184,824
Income attributable to non-controlling interests	—			(313		)	(76		)	(2,399		)
Non-forfeitable dividends on unvested restricted shares	(10		)	(9		)	(31		)	(26		)
Preferred stock dividends	—			—			(39		)	—
Net income attributable to the Company’s common stockholders for basic earnings per share	$	83,370		$	57,483		$	230,327		$	182,399

Weighted average shares outstanding - basic	304,936			303,013			304,810			300,697

Basic Earnings Per Share Attributable to the Company’s Common Stockholders:
Net income	$	0.27		$	0.19		$	0.76		$	0.61

Computation of Diluted Earnings Per Share:
Net income attributable to the Company’s common stockholders for basic earnings per share	$	83,370		$	57,483		$	230,327		$	182,399
Allocation of net income to dilutive convertible non-controlling interests	—			—			76			—
Net income attributable to the Company’s common stockholders for diluted earnings per share	$	83,370		$	57,483		$	230,403		$	182,399

Weighted average shares outstanding - basic	304,936			303,013			304,810			300,697
Effect of dilutive securities:
Conversion of OP Units	—			—			104			—
Equity awards	240			508			261			449
Weighted average shares outstanding - diluted	305,176			303,521			305,175			301,146

Diluted Earnings Per Share Attributable to the Company’s Common Stockholders:
Net income	$	0.27		$	0.19		$	0.75		$	0.61