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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE

We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common shares and participating securities is calculated according to dividends declared and participating rights in undistributed earnings. Restricted shares issued pursuant to our share-based compensation program are considered participating securities, and as such have non-forfeitable rights to receive dividends.

The following table sets forth the computation of our basic and diluted earnings per share:
 
Quarter Ended March 31,
(Amounts in thousands, except per share data)
2016
 
2015
Numerator:
 
 
 
Net income (loss) attributable to common shareholders
$
18,638

 
$
(11,463
)
Less: Earnings allocated to unvested participating securities
(22
)
 
—

Net income (loss) available for common shareholders
$
18,616

 
$
(11,463
)
 
 
 
 
Denominator:
 
 
 
Weighted average common shares outstanding - basic
99,265

 
99,248

Effect of dilutive securities(1):
 
 
 
Stock options using the treasury stock method
23

 
—

Restricted stock
75

 
—

Weighted average common shares outstanding - diluted
99,363

 
99,248

 
 
 
 
Earnings per share available to common shareholders:
 
 
 
Earnings (loss) per common share - Basic
$
0.19

 
$
(0.12
)
Earnings (loss) per common share - Diluted
$
0.19

 
$
(0.12
)
(1) For the three months ended March 31, 2016 and 2015, the effect of the redemption of OP and LTIP units would have an anti-dilutive effect on the calculation of diluted EPS. Accordingly, the impact of such conversion has not been included in the determination of diluted EPS. Additionally there were stock options and unvested restricted stock outstanding that were excluded from the computation of diluted EPS for the three months ended March 31, 2015 as their inclusion would be anti-dilutive.