Earnings Per Share

12 Months Ended

Dec. 31, 2020

16.	Earnings Per Share

The following table provides a reconciliation of net 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).

	For the Year Ended December 31,
	2020			2019			2018
Numerators – Basic and Diluted
Net income	$	36,590		$	101,825		$	116,105
Income attributable to non-controlling interests		(869	)		(1,126	)		(1,671	)
Write-off of preferred share original issuance costs		—			(7,176	)		—
Preferred dividends		(20,531	)		(32,231	)		(33,531	)
Earnings attributable to unvested shares and OP Units		(204	)		(687	)		(1,137	)
Net income attributable to common shareholders after allocation to participating securities	$	14,986		$	60,605		$	79,766

Denominators – Number of Shares
Basic – Average shares outstanding		193,336			183,026			184,528
Assumed conversion of dilutive securities		441			228			7
Diluted – Average shares outstanding		193,777			183,254			184,535
Earnings Per Share:
Basic	$	0.08		$	0.33		$	0.43
Diluted	$	0.08		$	0.33		$	0.43

Basic average shares outstanding do not include restricted shares totaling 0.9 million, 0.7 million and 0.7 million that were not vested at December 31, 2020, 2019 and 2018, respectively (Note 15).

The following potentially dilutive securities were considered in the calculation of EPS:

•

For the year ended December 31, 2020, PRSUs issued to certain executives in March 2020, March 2019 and March 2018 were considered in the computation as dilutive EPS. For the year ended December 31, 2019, the PRSUs issued in March 2019 and March 2018 were considered in the computation as dilutive EPS and the PRSUs issued in March 2017 were not considered in the computation of dilutive EPS, as the calculation was anti-dilutive. For the year ended December 31, 2018, the PRSUs issued in March 2017 and March 2018 were not considered in the computation of dilutive EPS, as the calculation was anti-dilutive.

•

Options to purchase 0.3 million, 0.3 million and 0.4 million common shares were outstanding at December 31, 2020, 2019 and 2018, respectively (Note 15). These outstanding options were not considered in the computation of diluted EPS for the years ended December 2020 and 2019, as the options were anti-dilutive.

•

The exchange into common shares associated with OP Units was not included in the computation of diluted shares outstanding for all periods presented because the effect of assuming conversion was anti-dilutive (Note 12).