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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of our common shares of beneficial interest (“common shares”) outstanding during the period. We have issued restricted stock units (“RSUs”) under our 2015 Incentive Plan and Series D Convertible Preferred Units ("Series D preferred
units"), which could have a dilutive effect on our earnings per share upon exercise of the RSUs or upon conversion of the Series D preferred units (refer to Note 4 for further discussion of the Series D preferred units). Other than the issuance of RSUs and Series D preferred units, we have no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in dilution of earnings. Under the terms of the Operating Partnership’s Agreement of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their limited partnership units (“Units”) any time following the first anniversary of the date they acquired such Units (“Exchange Right”). Upon the exercise of Exchange Rights, and in our sole discretion, we may issue common shares in exchange for Units on a one-for-one basis.
Performance-based restricted stock awards and RSUs of 37,822 and 37,822 for the three months ended March 31, 2020 and 2019, respectively, were excluded from the calculation of diluted earnings per share because they were anti-dilutive.
The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the condensed consolidated financial statements for the three months ended March 31, 2020 and 2019:  
 
(in thousands, except per share data)
 
Three Months Ended March 31,
 
2020
 
2019
NUMERATOR
 
 
 
Net income (loss) attributable to controlling interests
$
(7,007
)
 
$
(4,698
)
Dividends to preferred shareholders
(1,705
)
 
(1,705
)
Redemption of preferred shares
273

 
—

Numerator for basic earnings (loss) per share – net income available to common shareholders
(8,439
)
 
(6,403
)
Noncontrolling interests – Operating Partnership
(692
)
 
(743
)
Dividends to preferred unitholders
160

 
57

Numerator for diluted earnings (loss) per share
$
(8,971
)
 
$
(7,089
)
DENOMINATOR
 

 
 

Denominator for basic earnings per share weighted average shares
12,103

 
11,763

Effect of redeemable operating partnership units
1,054

 
1,367

Effect of Series D preferred units
228

 
85

Effect of dilutive restricted stock awards and restricted stock units
16

 
14

Denominator for diluted earnings per share
13,401

 
13,229

 
 
 
 
Earnings (loss) per common share from continuing operations – basic
$
(0.69
)
 
$
(0.54
)
Earnings (loss) per common share from discontinued operations – basic
—

 
—

NET EARNINGS (LOSS) PER COMMON SHARE – BASIC
$
(0.69
)
 
$
(0.54
)
 
 
 
 
Earnings (loss) per common share from continuing operations – diluted
$
(0.67
)
 
$
(0.54
)
Earnings (loss) per common share from discontinued operations – diluted
—

 
—

NET EARNINGS (LOSS) PER COMMON SHARE – DILUTED
$
(0.67
)
 
$
(0.54
)