Earnings Per Share

6 Months Ended

Jun. 30, 2019

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.

Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested share-based compensation (participating securities) have been excluded, as applicable, from net income or loss available to common stockholders used in the basic and diluted earnings per share calculations.

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 June 30,					Six Months Ended June 30,
	2019			2018		2019			2018
Numerator:
Net income attributable to common stockholders	$	28,960		$	28,009	$	37,905		$	32,347
Dividends declared on unvested share-based compensation	(35		)	—		(70		)	—
Net income available to common stockholders	$	28,925		$	28,009	$	37,835		$	32,347
Denominator:
Weighted-average number of common shares outstanding—basic	202,405,507			203,574,282		202,610,178			202,366,359
Effect of dilutive securities:
Unvested restricted common stock	68,995			148,608		58,084			207,279
Shares related to unvested PSUs	426,137			793,252		438,228			793,252
Weighted-average number of common shares outstanding—diluted	202,900,639			204,516,142		203,106,490			203,366,890
Earnings per share:
Net income per share available to common stockholders—basic	$	0.14		$	0.14	$	0.19		$	0.16
Diluted earnings per share available to common stockholders—diluted	$	0.14		$	0.14	$	0.19		$	0.16

The common OP units held by the noncontrolling interest holders have been excluded from the denominator of the diluted earnings per share calculation as there would be no effect on the amounts since the common OP units' share of income or loss would also be added or subtracted to derive net income (loss) available to common stockholders.