Earnings Per Share

12 Months Ended

Dec. 31, 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 year ended
	December 31,
	2021		2020		2019
Numerator:
Net (loss) income attributable to common shareholders	$	(22,385)	$	(76,023)	$	18,703
Dividends paid on unvested shares and units	—		(50)		(297)

Net (loss) income attributable to common shareholders	$	(22,385)	$	(76,073)	$	18,406
Denominator:
Weighted average number of common shares - basic	48,349,027		46,961,039		46,788,784
Effect of dilutive securities:
Unvested shares	—		—		234,496
Weighted average number of common shares - diluted	48,349,027		46,961,039		47,023,280
Basic (loss) income per Common Share:
Net (loss) income attributable to common shareholders per weighted average basic common share	$	(0.46)	$	(1.62)	$	0.39
Diluted (loss) income per Common Share:
Net (loss) income attributable to common shareholders per weighted average diluted common share	$	(0.46)	$	(1.62)	$	0.39