Earnings Per Share

6 Months Ended

Jun. 30, 2020

11.	Earnings Per Share

The following table provides a reconciliation of net (loss) income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts).

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2020			2019			2020			2019
Numerators – Basic and Diluted
Net (loss) income	$	(4,403	)	$	17,537		$	30,225		$	53,632
Income attributable to non-controlling interests		(210	)		(260	)		(505	)		(565	)
Preferred dividends		(5,133	)		(8,383	)		(10,266	)		(16,766	)
Earnings attributable to unvested shares and operating partnership units		—			(175	)		(149	)		(346	)
Net (loss) income attributable to common shareholders after allocation to participating securities	$	(9,746	)	$	8,719		$	19,305		$	35,955
Denominators – Number of Shares
Basic—Average shares outstanding		193,170			180,551			193,448			180,548
Assumed conversion of diluted securities		—			658			—			826
Diluted—Average shares outstanding		193,170			181,209			193,448			181,374
(Loss) Earnings Per Share:
Basic	$	(0.05	)	$	0.05		$	0.10		$	0.20
Diluted	$	(0.05	)	$	0.05		$	0.10		$	0.20

For the three and six months ended June 30, 2020, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2020, March 2019, March 2018 and March 2017 (not outstanding for the three months ended June 30, 2020) were not considered in the computation of EPS, as no share units would have been issued under the plan. For the three and six months ended June 30, 2019, the PRSUs issued in March 2019 and March 2018 were dilutive and considered in the computation of EPS and the PRSUs issued in March 2017 were anti-dilutive and not considered in the computation of diluted EPS. For the three and six months ended June 30, 2020, the Company recorded a mark-to-market adjustment of $0.3 million as expense and $1.9 million as income, respectively, and for the three and six months ended June 30, 2019, the Company recorded a mark-to-market adjustment of $0.5 million and $1.4 million, respectively, as expense in each case, primarily in connection with the PRSUs issued in March 2018.

Stock Repurchase Program

In 2018, the Company’s Board of Directors authorized a common share repurchase program. In the first six months of 2020, the Company repurchased 0.8 million shares at a cost of $7.5 million. These shares are recorded as Treasury Shares on the Company’s consolidated balance sheet.