Earnings per Share

3 Months Ended

Mar. 31, 2020

Note 12—Earnings per Share

Basic and diluted EPS are calculated as follows:



	For the Three Months Ended March 31,
	2020		2019
(in thousands, except share and per share data)
Numerator:
Net income available to common stockholders — basic and diluted	$	49,854	$	20,716

Denominator:
Weighted average common shares outstanding — basic	542,549,512		521,440,822
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards	1,354,908		376,672
Weighted average common shares outstanding — diluted	543,904,420		521,817,494

Net income per common share — basic	$	0.09	$	0.04
Net income per common share — diluted	$	0.09	$	0.04

Incremental shares attributed to non-vested share-based awards are excluded from the computation of diluted EPS when they are anti-dilutive. For the three months ended March 31, 2020 and 2019, 112,598 and 87,043 incremental shares attributed to non-vested share-based awards, respectively, are excluded from the denominator as their inclusion would have been anti-dilutive.

For the three months ended March 31, 2020 and 2019, the vested OP Units have been excluded from the computation of EPS because all income attributable to the OP Units has been recorded as non-controlling interest and thus excluded from net income available to common stockholders.

Using the “if-converted” method, 12,490,742 potential shares of common stock for the 2019 Convertible Notes are excluded from the computation of diluted EPS for the three months ended March 31, 2019 as they are anti-dilutive. For the three months ended March 31, 2020 and 2019, 15,100,443 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes are also excluded from the computation of diluted EPS as they are anti-dilutive. Additionally, no adjustment to the numerator is required for interest expense related to the Convertible Senior Notes for the three months ended March 31, 2020 and 2019. See Note 6 for further discussion about the Convertible Senior Notes.