Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2020

Basic EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is calculated by dividing net income (loss) 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 EPS 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 (loss) available to common stockholders used in the basic and diluted EPS calculations.

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


	Years Ended December 31,
	2020		2019		2018
Numerator:
Net (loss) income attributable to common stockholders	$	(397,675)	$	183,487	$	87,784
Dividends declared on unvested share-based compensation	—		(132)		—
Net (loss) income available to common stockholders	$	(397,675)	$	183,355	$	87,784
Denominator:
Weighted-average number of common shares outstanding—basic	201,670,721		202,009,750		205,462,911
Effect of dilutive securities:
Unvested restricted common stock	—		156,146		215,655
Shares related to unvested PSUs	—		575,734		452,584

Weighted-average number of common shares outstanding—diluted	201,670,721		202,741,630		206,131,150
(Loss) earnings per share:
Net (loss) income per share available to common stockholders—basic	$	(1.97)	$	0.91	$	0.43
Net (loss) income per share available to common stockholders—diluted	$	(1.97)	$	0.90	$	0.43

For the year ended December 31, 2020, 44,045 of unvested PSU's were excluded from diluted weighted-average common shares outstanding, as their effect would be anti-dilutive. For the year ended December 31, 2019, there were no anti-dilutive securities that were excluded from the diluted weighted-average common shares outstanding.

The common OP units held by the noncontrolling interest holders have been excluded from the denominator of the diluted EPS 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.