Earnings Per Share

3 Months Ended

Mar. 31, 2022

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, 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,
	2022		2021
Numerator:
Net (loss) income attributable to common shareholders	$	(11,433)	$	2,656
Dividends paid on unvested shares and units	—		—

Net (loss) income attributable to common shareholders	$	(11,433)	$	2,656
Denominator:
Weighted average number of common shares - basic	48,787,519		47,224,972

Unvested shares and units	—		143,546
Weighted average number of common shares - diluted	48,787,519		47,368,518
Basic (loss) income per Common Share:
Net (loss) income attributable to common shareholders per weighted average basic common share	$	(0.23)	$	0.06
Diluted (loss) income per Common Share:
Net (loss) income attributable to common shareholders per weighted average diluted common share	$	(0.23)	$	0.06