Earnings Per Share

9 Months Ended

Sep. 30, 2019

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						For the nine months ended
	September 30,						September 30,
	2019		2018		2019		2018
Numerator:
Net income attributable to common shareholders	$	10,002	$	14,580	$	21,052	$	30,813
Dividends paid on unvested shares and units	(107)		(81)		(299)		(229)

Net income attributable to common shareholders	$	9,895	$	14,499	$	20,753	$	30,584
Denominator:
Weighted average number of common shares - basic	46,913,922		46,149,765		46,744,890		45,925,178

Unvested shares	238,244		235,204		212,074		153,380
Weighted average number of common shares - diluted	47,152,166		46,384,969		46,956,964		46,078,558
Basic income per Common Share:
Net income attributable to common shareholders per weighted average basic common share	$	0.21	$	0.31	$	0.44	$	0.67
Diluted income per Common Share:
Net income attributable to common shareholders per weighted average diluted common share	$	0.21	$	0.31	$	0.44	$	0.66