Earnings Per Share

The two-class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. The LTIP units held by the non-controlling interest holders, which may be converted to common shares of beneficial interest, have been excluded from the denominator of the diluted earnings per share calculation as there would be no effect on the amounts since limited partners' share of income or loss would also be added back to net income or loss. Unvested restricted shares, unvested long-term incentive plan units and unvested Class A Performance LTIP units that could potentially dilute basic earnings per share in the future would not be included in the computation of diluted loss per share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data):



	For the three months ended
	March 31,
	2018			2017
Numerator:
Net income attributable to common shareholders	$	2,848		$	4,613
Dividends paid on unvested shares and units	(63		)	(42		)
Undistributed earnings allocated to unvested shares and units	—			—
Net income attributable to common shareholders	$	2,785		$	4,571
Denominator:
Weighted average number of common shares - basic	45,753,792			38,361,113
Unvested shares	268,898			212,815
Weighted average number of common shares - diluted	46,022,690			38,573,928
Basic income per Common Share:
Net income attributable to common shareholders per weighted average basic common share	$	0.06		$	0.12
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average diluted common share	$	0.06		$	0.12