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 September 30,						Nine Months Ended September 30,
(In thousands, except share and per share data)	2018			2017			2018			2017
Net (loss) income attributable to common stockholders	$	177		$	2,104		$	7,826		$	14,733
Adjustments to net (loss) income attributable to common stockholders for common share equivalents	(316		)	(186		)	(526		)	(556		)
Adjusted net (loss) income attributable to common stockholders	$	(139	)	$	1,918		$	7,300		$	14,177

Basic and diluted net (loss) income per share attributable to common stockholders	$	—		$	0.03		$	0.11		$	0.21
Weighted average shares outstanding:
Basic	69,441,639			67,286,615			68,014,855			66,739,723
Diluted	69,441,639			67,286,615			68,417,253			66,739,723

Under current authoritative guidance for determining earnings per share, all unvested 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 security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company's unvested RSUs and LTIP Units 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 unvested RSUs and LTIP Units from the numerator.

Diluted net income (loss) per share assumes the conversion of all Common Stock share equivalents into an equivalent number of shares of Common Stock, unless the effect is anti-dilutive. The Company considers unvested restricted stock, OP Units and LTIP Units to be common share equivalents. The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2018	2017	2018	2017
Unvested restricted shares	46,767	49,527	—	49,527
OP Units ⁽¹⁾	—	—	—	61,280
LTIP Units ⁽²⁾	2,110,594	3,013,933	355,631	3,013,933
Total anti-dilutive common share equivalents	2,157,361	3,063,460	355,631	3,124,740

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⁽¹⁾	On April 3, 2017, all remaining OP Units were converted into Common Stock.


⁽²⁾	Weighted-average number of LTIP Units outstanding. There were 2,554,930 LTIP Units issued and outstanding under the 2018 OPP as of September 30, 2018. The 3,013,933 LTIP Units issued under the 2015 OPP were forfeited as of June 2, 2018 since no LTIP Units were earned under the 2015 OPP. See Note 12 — Share Based Compensation for additional information on the 2018 OPP and 2015 OPP.

Conditionally issuable shares relating to the 2018 OPP award (see Note 12 — Share-Based Compensation) are included in the computation of fully diluted EPS on a weighted average basis for the nine months ended September 30, 2018 based on shares that would be issued if the balance sheet date were the end of the measurement period. No common share equivalents related to LTIP Units were included in the computation for the three months ended September 30, 2018 due the net loss in the period. No common share equivalents related to LTIP Units were included in the computation for the three and nine month ended September, 2017 because no LTIP Units would have been earned (and, therefore, no shares of Common Stock could have been issued with respect to LTIP Units) based on the stock price at September, 2017.