Earnings Per Share and Equity Transactions

Basic earnings per share ("EPS") are computed using the two-class method by dividing net income by the weighted average number of common shares outstanding for the period (the "common shares"). The restricted share awards issued pursuant to the Incentive Award Plan are deemed to be participating securities. Diluted EPS is computed using the treasury method if more dilutive, by dividing net income by the common shares plus potential common shares issuable upon exercising options or other contracts. The following table reconciles the amounts used in calculating basic and diluted income per share:



	Year ended December 31,
	2018			2017			2016
Numerator:
Net income from continuing operations	$	83,849		$	57,954		$	119,199
Earnings allocated to unvested restricted shares	(95		)	(15		)	(10		)
Net income from continuing operations attributable to common shareholders	$	83,754		$	57,939		$	119,189
Net income from discontinued operations attributable to common shareholders	$	—		$	3,839		$	133,523

Denominator:
Weighted average number of common shares outstanding - basic	761,139,011			773,445,341			854,638,497
Effect of unvested restricted shares	926,463			1,155,138			62,258
Weighted average number of common shares outstanding - diluted	762,065,474			774,600,479			854,700,755

Basic and diluted income per common share:
Net income from continuing operations per share	$	0.11		$	0.07		$	0.14
Net income from discontinued operations per share	—			—			0.15
Net income per share	$	0.11		$	0.07		$	0.29

On August 15, 2018, the Company announced and commenced a modified "Dutch Auction" tender offer (the "2018 Offer") to purchase for cash up to $75,000 in value of shares of the Company's common stock, par value $0.001 per share (the "Shares"), subject to its ability to increase the number of Shares accepted for payment by up to 2% of the Company's outstanding Shares. The Company exercised that option and increased the 2018 Offer by 10,706,774 shares, or $22,500, to avoid any proration for the stockholders tendering shares. The 2018 Offer expired on September 13, 2018.

As a result of the 2018 Offer, the Company accepted for purchase 46,559,289 shares of its common stock (which represented approximately 6.0% of the shares of common stock outstanding at the time) at a purchase price of $2.10 per share, for a cost of approximately $97,775, excluding fees and expenses. Aggregate costs of $98,491 were recorded as reductions to common stock and additional paid-in capital on the consolidated statements of equity for the year ended December 31, 2018.

On October 27, 2016, the Company announced and commenced a modified "Dutch Auction" tender offer (the "2016 Offer") to purchase for cash up to $200,000 in value of shares of the Company's common stock, par value $0.001 per share (the "2016 Shares"), subject to the Company's ability to increase the number of 2016 Shares accepted for payment in the 2016 Offer by up to 2% of the Company's outstanding 2016 Shares, without amending or extending the 2016 Offer in accordance with the rules promulgated by the SEC. The Company exercised that option and increased the 2016 Offer by 14,186,716 shares, or $37,700, to avoid any proration for the stockholders tendering shares. The 2016 Offer expired on December 1, 2016.

As a result of the 2016 Offer, the Company accepted for purchase 89,502,449 shares of its common stock (which represented approximately 10.4% of the shares of common stock outstanding at the time) at a purchase price of $2.66 per share, for a cost of approximately $238,077, excluding fees and expenses. Aggregate costs of $241,016 were recorded as reductions to common stock and additional paid-in capital on the consolidated statements of equity for the year ending December 31, 2016. On April 17, 2017, the Company received $1,929 of excess funds related to the 2016 Offer.