Earnings Per Share

3 Months Ended

Mar. 31, 2021

11.	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).

	Three Months
	Ended March 31,
	2021			2020
Numerators – Basic and Diluted
Net income	$	16,181		$	34,628
Income attributable to non-controlling interests		(173	)		(295	)
Preferred dividends		(5,133	)		(5,133	)
Earnings attributable to unvested shares and OP units		(115	)		(149	)
Net income attributable to common shareholders after allocation to participating securities	$	10,760		$	29,051
Denominators – Number of Shares
Basic—Average shares outstanding		198,534			193,726
Assumed conversion of dilutive securities		911			—
Diluted—Average shares outstanding		199,445			193,726
Earnings Per Share:
Basic	$	0.05		$	0.15
Diluted	$	0.05		$	0.15

For the three months ended March 31, 2021, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2021, March 2020 and March 2019 were considered in the computation of dilutive EPS. For the three months ended March 31, 2020, the PRSUs issued in March 2020, March 2019 and March 2018 were anti-dilutive, and therefore, not considered in the computation of diluted EPS. For the three months ended March 31, 2021 and 2020, the Company recorded a mark-to-market adjustment of $5.6 million as expense and $2.2 million as income, respectively, in connection with the PRSUs granted in March 2018. In March 2021, the Company issued 570,295 common shares in settlement of certain PRSUs granted in 2018 and 2020.