Earnings Per Share

3 Months Ended

Mar. 31, 2017

A portion of the Company's non-vested share-based payment awards are considered participating securities and as such, the Company is required to use the two-class method for the computation of basic and diluted earnings per share. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The non-vested share-based payment awards are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three months ended March 31, 2017 and 2016:



	Three months ended March 31,
	2017			2016
BASIC
Net income attributable to common shareholders	$	40,397		$	47,781
Weighted-average number of common shares outstanding - basic	237,179,526			232,642,803

Net income attributable to common shareholders - per common share basic	$	0.17		0.21

DILUTED
Net income attributable to common shareholders - basic	$	40,397		$	47,781
Impact of assumed conversions	(19		)	1,046
Net income attributable to common shareholders	$	40,378		$	48,827

Weighted-average common shares outstanding - basic	237,179,526			232,642,803
Effect of dilutive securities:
Share options	136,881			132,191
6.00% Convertible Guaranteed Notes	—			1,941,237
OP Units	3,771,642			3,820,192
Nonvested common shares	—			348,748
Weighted-average common shares outstanding - diluted	241,088,049			238,885,171

Net income attributable to common shareholders - per common share diluted	$	0.17		$	0.20

For per common share amounts, all incremental shares are considered anti-dilutive for periods that have a loss from continuing operations attributable to common shareholders. In addition, other common share equivalents may be anti-dilutive in certain periods.