Earnings per Share

9 Months Ended

Sep. 30, 2015

11. Earnings per share of QTS Realty Trust, Inc.

Basic income (loss) per share is calculated by dividing the net income (loss) attributable to common shares by the weighted average number of common shares outstanding during the period. Diluted income (loss) per share adjusts basic income (loss) per share for the effects of potentially dilutive common shares.

The computation of basic and diluted net income per share is as follows (in thousands, except per share data):


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2015	2014	2015	2014
Numerator:
Net income available to common stockholders - basic	$ 7,009	$ 3,157	$ 15,723	$ 10,445
Effect of net income attributable to noncontrolling interests	1,229	849	3,072	2,810
Net income available to common stockholders - diluted	$ 8,238	$ 4,006	$ 18,795	$ 13,255
Denominator:
Weighted average shares outstanding - basic	40,994	29,017	36,355	29,007
Effect of Class A and Class RS partnership units *	6,932	7,797	7,103	7,797
Effect of Class O units and options to purchase Class A common stock on an "as if" converted basis *	807	438	724	236
Weighted average shares outstanding - diluted	48,733	37,252	44,182	37,040

Net income per share attributable to common stockholders - basic	$ 0.17	$ 0.11	$ 0.43	$ 0.36
Net income per share attributable to common stockholders - diluted	$ 0.17	$ 0.11	$ 0.43	$ 0.36

The Class A units, Class RS units and Class O units represent limited partnership interests in the Operating Partnership, and are described in more detail in Note 8.

No securities were antidilutive for the three months ended September 30, 2015 and 2014, nor for the nine months ended September 30, 2015 and 2014, and as such, no securities were excluded from the computation of diluted net income per share for those periods.