Earnings Per Share

6 Months Ended

Jun. 30, 2021

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 six months ended
	June 30,				June 30,
	2021		2020		2021		2020
Numerator:
Net loss attributable to common shareholders	$	(8,558)	$	(26,827)	$	(5,902)	$	(54,610)
Dividends paid on unvested shares and units	—		—		—		(50)

Net loss attributable to common shareholders	$	(8,558)	$	(26,827)	$	(5,902)	$	(54,660)
Denominator:
Weighted average number of common shares - basic	48,637,484		46,960,289		47,935,130		46,954,411

Unvested shares	—		—		—		—
Weighted average number of common shares - diluted	48,637,484		46,960,289		47,935,130		46,954,411
Basic loss per Common Share:
Net loss attributable to common shareholders per weighted average basic common share	$	(0.18)	$	(0.57)	$	(0.12)	$	(1.16)
Diluted loss per Common Share:
Net loss attributable to common shareholders per weighted average diluted common share	$	(0.18)	$	(0.57)	$	(0.12)	$	(1.16)