Earnings Per Share

12 Months Ended

Dec. 31, 2019

16.	Earnings Per Share

The following table provides a reconciliation of net income (loss) and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts).

	For the Year Ended December 31,
	2019			2018			2017
Numerators – Basic and Diluted
Net income (loss)	$	101,825		$	116,105		$	(243,132	)
Plus: (Income) loss attributable to non-controlling interests		(1,126	)		(1,671	)		1,447
Less: Write-off of preferred share original issuance costs		(7,176	)		—			—
Less: Preferred dividends		(32,231	)		(33,531	)		(28,759	)
Less: Earnings attributable to unvested shares and OP Units		(687	)		(1,137	)		(989	)
Net income (loss) attributable to common shareholders after allocation to participating securities	$	60,605		$	79,766		$	(271,433	)

Denominators – Number of Shares
Basic – Average shares outstanding		183,026			184,528			183,681
Assumed conversion of dilutive securities		228			7			—
Diluted – Average shares outstanding		183,254			184,535			183,681
Earnings (Loss) Per Share:
Basic	$	0.33		$	0.43		$	(1.48	)
Diluted	$	0.33		$	0.43		$	(1.48	)

Basic average shares outstanding do not include restricted shares totaling 0.7 million, 0.7 million and 0.3 million that were not vested at December 31, 2019, 2018 and 2017, respectively (Note 15).

The following potentially dilutive securities were considered in the calculation of EPS:

•

PRSUs issued to certain executives in March 2019 and March 2018 were dilutive and the PRSUs issued in March 2017 were anti-dilutive in the computation of EPS for the year ended December 31, 2019. For the years ended December 31, 2018 and 2017, PRSUs were not considered in the computation of diluted EPS, as the calculation was anti-dilutive.

•

Options to purchase 0.3 million, 0.4 million and 0.6 million common shares were outstanding at December 31, 2019, 2018 and 2017, respectively (Note 15). These outstanding options were not considered in the computation of diluted EPS for the years ended December 2019 and 2017, as the options were anti-dilutive.

•

Shares subject to issuance under the Company’s 2016 VSEP were not considered in the computation of diluted EPS for all periods presented, as the calculation was anti-dilutive and no shares were issued under the plan.

•

The exchange into common shares associated with OP Units was not included in the computation of diluted shares outstanding for all periods presented because the effect of assuming conversion was anti-dilutive (Note 12).