13. EARNINGS PER SHARE

We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to distributions declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing Net Loss Attributable to Stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.

OP units held by limited partners other than us are considered to be participating securities because they contain non-forfeitable rights to dividends or dividend equivalents, and have the potential to be exchanged for an equal number of shares of our common stock in accordance with the terms of the Fourth Amended and Restated Agreement of Limited Partnership of the Operating Partnership. Phantom stock units are not considered to be participating securities, as they are not convertible into common stock.

The impact of OP units on basic and diluted EPS has been calculated using the two-class method whereby earnings are allocated to the OP units based on dividends declared and the OP units’ participation rights in undistributed earnings. The effects of the two-class method on basic and diluted EPS were immaterial to the consolidated financial statements as of September 30, 2019 and 2018.

The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations (in thousands, except per share amounts):



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Numerator:
Net loss attributable to stockholders - basic	$	(25,877	)	$	(13,228	)	$	(67,642	)	$	(26,179	)
Net loss attributable to convertible OP units⁽¹⁾	(3,893		)	(3,180		)	(10,319		)	(6,270		)
Net loss - diluted	$	(29,770	)	$	(16,408	)	$	(77,961	)	$	(32,449	)
Denominator:
Weighted-average shares - basic	283,827			183,699			282,714			184,676
OP units⁽¹⁾	42,783			44,453			43,356			44,453
Adjusted weighted-average shares - diluted	326,610			228,152			326,070			229,129
Earnings per common share:
Basic and diluted	$	(0.09	)	$	(0.07	)	$	(0.24	)	$	(0.14	)

⁽¹⁾ OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership loss attributable to these OP units, which is included as a component of Net Loss Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator as these OP units were included in the denominator for all years presented.

Approximately 3.5 million and 1.0 million unvested restricted stock awards were outstanding as of September 30, 2019 and 2018, respectively. These securities were anti-dilutive, and, as a result, their impact was excluded from the weighted-average common shares used to calculate diluted EPS.