EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. We have issued restricted stock units ("RSUs") under our 2015 Incentive Plan, which could have a dilutive effect on our earnings per share upon exercise of the RSUs. Other than the issuance of RSUs, we have no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional common shares that would result in a dilution of earnings. Pursuant to the exercise of Exchange Rights, Units may be tendered for redemption for cash or, at our option, for common shares on a one-for-one-basis.

For the transition period ended December 31, 2018, performance-based restricted stock awards of 25,300 were excluded from the calculation of diluted earnings per share because the assumed proceeds per share plus the average unearned compensation were greater than the average market price of the common stock for the periods presented and, therefore, were anti-dilutive. Refer to Note 17 - Share-Based Compensation for discussion of the terms for these awards.

The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the consolidated financial statements for the transition period ended December 31, 2018 and the fiscal years ended April 30, 2018, 2017, and 2016:



	(in thousands, except per share data)
	For Period Ended			For Year Ended April 30,
	December 31, 2018			April 30, 2018			April 30, 2017			April 30, 2016
NUMERATOR
Income (loss) from continuing operations – controlling interests	$	(4,908	)	$	(30,266	)	$	(24,473	)	$	11,553
Income (loss) from discontinued operations – controlling interests	510			147,054			67,820			60,453
Net income (loss) attributable to controlling interests	(4,398		)	116,788			43,347			72,006
Dividends to preferred shareholders	(4,547		)	(8,569		)	(10,546		)	(11,514		)
Redemption of preferred shares	—			(3,657		)	(1,435		)	—
Numerator for basic earnings per share – net income available to common shareholders	(8,945		)	104,562			31,366			60,492
Noncontrolling interests – Operating Partnership	(1,032		)	12,702			4,059			7,032
Numerator for diluted earnings per share	$	(9,977	)	$	117,264		$	35,425		$	67,524
DENOMINATOR
Denominator for basic earnings per share weighted average shares	11,937			119,977			121,169			123,094
Effect of redeemable operating partnership units	1,387			14,617			16,130			14,278
Denominator for diluted earnings per share	13,324			134,594			137,299			137,372
Earnings (loss) per common share from continuing operations – basic and diluted	$	(0.79	)	$	(3.54	)	$	(3.01	)	$	—
Earnings (loss) per common share from discontinued operations – basic and diluted	0.04			12.25			5.59			4.91
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED	$	(0.75	)	$	8.71		$	2.58		$	4.91