Earnings per Share and Unit

3 Months Ended

Mar. 31, 2020

Earnings Per Share And Unit [Abstract]

12.	Earnings per Share and Unit

Parent Company Earnings per Share

The following summarizes the calculation of basic and diluted earnings per share:

	Three months ended March 31,
(in thousands, except per share data)	2020			2019
Numerator:
(Loss) income attributable to common stockholders - basic	$	(25,332	)		90,446
(Loss) income attributable to common stockholders - diluted	$	(25,332	)		90,446
Denominator:
Weighted average common shares outstanding for basic EPS		167,908			167,440
Weighted average common shares outstanding for diluted EPS ⁽¹⁾		167,908			167,717
(Loss) income per common share – basic	$	(0.15	)		0.54
(Loss) income per common share – diluted	$	(0.15	)		0.54

⁽¹⁾	The three months ended March 31, 2020 excludes the impact of unvested restricted stock because they would be anti-dilutive. The three months ended March 31, 2019 includes the dilutive impact of unvested restricted stock.

(Loss) income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and exchangeable Operating Partnership units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average exchangeable Operating Partnership units outstanding for the three months ended March 31, 2020 and 2019, was 765,046 and 349,902, respectively.

Operating Partnership Earnings per Unit

The following summarizes the calculation of basic and diluted earnings per unit:

	Three months ended March 31,
(in thousands, except per share data)	2020			2019
Numerator:
(Loss) income attributable to common unit holders - basic	$	(25,447	)		90,636
(Loss) income attributable to common unit holders - diluted	$	(25,447	)		90,636
Denominator:
Weighted average common units outstanding for basic EPU		168,673			167,790
Weighted average common units outstanding for diluted EPU ⁽¹⁾		168,673			168,067
(Loss) income per common unit – basic	$	(0.15	)		0.54
(Loss) income per common unit – diluted	$	(0.15	)		0.54

⁽¹⁾	The three months ended March 31, 2020 excludes the impact of unvested restricted stock because they would be anti-dilutive. The three months ended March 31, 2019 includes the dilutive impact of unvested restricted stock.