Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Earnings Per Share, Basic and Diluted

The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations for the years ended December 31, 2018, 2017, and 2016 (in thousands, except per share amounts):



	2018		2017			2016
Numerator:
Net income (loss) attributable to stockholders - basic	$	39,138	$	(38,391	)	$	8,932
Net income (loss) attributable to convertible OP units⁽¹⁾	8,136		(3,470		)	111
Net income (loss) - diluted	$	47,274	$	(41,861	)	$	9,043
Denominator:
Weighted-average shares - basic	196,602		183,784			183,876
Conversion of OP units⁽¹⁾	44,453		12,713			2,785
Effect of dilutive restricted stock awards⁽²⁾	312		—			4
Adjusted weighted-average shares - diluted	241,367		196,497			186,665
Earnings per common share:
Basic and diluted	$	0.20	$	(0.21	)	$	0.05

⁽¹⁾

OP units include units previously issued for asset management services provided under our former advisory agreement (see Note 16), as well as units issued as part of the PELP transaction (see Note 4), all of which are convertible into common shares. The Operating Partnership income (loss) attributable to these OP units, which is included as a component of Net Income (Loss) Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator because these OP units were included in the denominator for all years presented.


⁽²⁾	Includes the dilutive impact of unvested restricted share awards using the treasury stock method.