Earnings Per Share

The following table presents a reconciliation of income (loss) from operations used in the basic and diluted earnings per share ("EPS") calculations ($ in thousands, except for per share data):



	For the Three Months Ended March 31,
	2019			2018
Net income (loss)	$	(6,970	)	$	35,028
Net income attributable to noncontrolling interests	(2,471		)	(95		)
Preferred dividends	(8,124		)	(8,124		)
Net income (loss) allocable to common shareholders for basic earnings per common share	$	(17,565	)	$	26,809
Add: Effect of Series J convertible perpetual preferred stock	—			2,250
Net income (loss) allocable to common shareholders for diluted earnings per common share	$	(17,565	)	$	29,059



	For the Three Months Ended March 31,
	2019			2018
Earnings allocable to common shares:
Numerator for basic earnings per share:
Net income (loss) allocable to common shareholders	$	(17,565	)	$	26,809

Numerator for diluted earnings per share:
Net income (loss) allocable to common shareholders	$	(17,565	)	$	29,059

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	67,747			67,913
Add: Effect of assumed shares issued under treasury stock method for restricted stock units	—			122
Add: Effect of series J convertible perpetual preferred stock	—			15,635
Weighted average common shares outstanding for diluted earnings per common share	67,747			83,670

Basic earnings per common share:
Net income (loss) allocable to common shareholders	$	(0.26	)	$	0.39

Diluted earnings per common share:
Net income (loss) allocable to common shareholders	$	(0.26	)	$	0.35

The following shares were not included in the diluted EPS calculation because they were anti-dilutive (in thousands)⁽¹⁾:



	For the Three Months Ended March 31,
	2019	2018
Series J convertible perpetual preferred stock	15,951	—

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(1)

For the three months ended March 31, 2019, the effect of the Company's unvested Units, performance-based Units, CSEs and restricted stock awards were anti-dilutive due to the Company having a net loss for the period. The Company will settle conversions of the 3.125% Convertible Notes by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the three months ended March 31, 2019 and 2018 and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.