Earnings Per Share

3 Months Ended

Mar. 31, 2018

Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per share is calculated by dividing net income available to common stockholders that has been adjusted for dilutive securities, by the weighted-average number of common shares outstanding including dilutive securities.

The following is a reconciliation of the calculation of basic and diluted earnings per share (in thousands, except share and per share data):



	Three Months Ended March 31,
	2018		2017
Numerator:
Net income	$	4,338	$	8,887
Denominator:
Weighted-average number of common shares outstanding—basic	201,145,014		200,654,092
Effect of dilutive securities:
Unvested restricted common stock	294,613		236,081
Shares related to unvested PSUs	336,205		947,409
Weighted-average number of common shares outstanding—diluted	201,775,832		201,837,582
Earnings per share:
Basic earnings per share	$	0.02	$	0.04
Diluted earnings per share	$	0.02	$	0.04