Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2021

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 or 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):


	Three Months Ended March 31,
	2021		2020
Numerator:
Net loss attributable to common stockholders	(173,301)		$	(34,559)
Dividends declared on unvested share-based compensation	—		—
Net loss available to common stockholders	$	(173,301)	$	(34,559)
Denominator:
Weighted-average number of common shares outstanding—basic	211,671,581		201,207,835
Effect of dilutive securities:
Unvested restricted common stock	—		—

Shares related to unvested PSUs	—		—
Weighted-average number of common shares outstanding—diluted	211,671,581		201,207,835
Earnings (loss) per share:
Net loss per share available to common stockholders—basic	$	(0.82)	$	(0.17)
Net loss per share available to common stockholders—diluted	$	(0.82)	$	(0.17)

For the three months ended March 31, 2021 and 2020, 757,591 and 168,270 of unvested restricted common shares and 695,654 and 375,602 of unvested PSUs were excluded from diluted weighted-average common shares outstanding, as their effect would be anti-dilutive.

The common OP units held by the noncontrolling interest holders have been excluded from the denominator of the diluted earnings (loss) 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.