Earnings per Share

3 Months Ended

Mar. 31, 2016

10. 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
	March 31,
	2016	2015
Numerator:
Net income available to common stockholders -- basic	$ 5,889	$ 4,082
Effect of net income attributable to noncontrolling interests	970	955
Net income available to common stockholders -- diluted	$ 6,859	$ 5,037
Denominator:
Weighted average shares outstanding -- basic	41,292	31,294
Effect of Class A and Class RS partnership units *	6,801	7,317
Effect of Class O units and options to purchase Class A common stock on an "as if" converted basis *	881	598
Weighted average shares outstanding -- diluted	48,974	39,209

Net income per share attributable to common stockholders -- basic	$ 0.14	$ 0.13
Net income per share attributable to common stockholders -- diluted	$ 0.14	$ 0.13

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 7.

The computation of diluted net income per share for the three months ended March 31, 2016 does not include 229,693 options with an exercise price of $45.78 as their inclusion would have been antidilutive for that period. The computation of diluted net income per share for the three months ended March 31, 2015 does not include 139,747 options with an exercise price of $36.54 as their inclusion would have been antidilutive for that period.