Earnings Per Share

The following is a summary of the basic and diluted net income per share computation for the periods presented:



	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands, except share and per share data)	2017			2016			2017			2016
Net income attributable to stockholders	$	5,200		$	15,763		$	12,629		$	22,251
Adjustments to net income attributable to stockholders for common share equivalents	(185		)	(193		)	(370		)	(388		)
Adjusted net income attributable to stockholders	$	5,015		$	15,570		$	12,259		$	21,863

Basic and diluted net income per share attributable to stockholders	$	0.08		$	0.28		$	0.18		$	0.39
Basic and diluted weighted average shares outstanding	66,652,221			56,316,157			66,461,663			56,314,184

Under current authoritative guidance for determining earnings per share, all nonvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company's nonvested RSUs and LTIPs contain rights to receive non-forfeitable distributions and therefore the Company applies the two-class method of computing earnings per share. The calculation of earnings per share above excludes the non-forfeitable distributions to the nonvested RSUs and LTIPs from the numerator.

Diluted net income per share assumes the conversion of all Common Stock share equivalents into an equivalent number of common shares, unless the effect is anti-dilutive. The Company considers unvested restricted stock, OP Units and LTIP Units to be common share equivalents. For the three and six months ended June 30, 2017 and 2016, the following common share equivalents were excluded from the calculation of diluted earnings per share:



	Three Months Ended June 30,		Six Months Ended June 30,
	2017	2016	2017	2016
Unvested restricted stock	35,666	48,886	35,666	48,886
OP Units ⁽¹⁾	—	603,219	—	603,219
OPP (LTIP Units)	3,013,933	3,013,933	3,013,933	3,013,933
Total anti-dilutive common share equivalents	3,049,599	3,666,038	3,049,599	3,666,038

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As of June 30, 2016, OP Units comprised of five original OP Units issued to the Advisor, 27,776 issued at Listing and 575,438 of Class B Units which were converted into OP Units at Listing. Subsequent to the Listing all OP Units issued to the Advisor were transferred to individual members and employees of AR Global. On September 2, 2016, 421,378 of OP Units were converted into Common Stock, of which 305,411 and 115,967 are owned by individual members and employees of AR Global and to the Service Provider, respectively. On April 3, 2017, the remaining 181,841 of OP Units were converted into Common Stock.

Conditionally issuable shares relating to the OPP award (See Note 13 — Share-Based Compensation) would be included in the computation of fully diluted EPS (if dilutive) based on shares that would be issued if the balance sheet date were the end of the measurement period. No LTIP share equivalents were included in the computation for the three and six months ended June 30, 2017 and 2016 because no units or shares would have been issued based on the stock price at June 30, 2017 and 2016.