Earnings Per Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2017 and 2016:



	Three Months ended June 30,				Six months ended June 30,
	2017		2016		2017			2016
BASIC
Net income attributable to common shareholders	$	5,519	$	53,875	$	45,916		$	101,655
Weighted-average number of common shares outstanding - basic	237,720,198		232,592,998		237,451,355			232,617,901

Net income attributable to common shareholders - per common share basic	$	0.02	0.23		$	0.19		$	0.44

DILUTED
Net income attributable to common shareholders - basic	$	5,519	$	53,875	$	45,916		$	101,655
Impact of assumed conversions	—		315		(19		)	628
Net income attributable to common shareholders	$	5,519	$	54,190	$	45,897		$	102,283

Weighted-average common shares outstanding - basic	237,720,198		232,592,998		237,451,355			232,617,901
Effect of dilutive securities:
Share options	86,653		273,920		111,252			204,783
6.00% Convertible Guaranteed Notes	—		1,878,445		—			1,909,841
OP Units	3,724,462		—		3,747,922			—
Non-vested common shares	—		481,836		—			418,731
Weighted-average common shares outstanding - diluted	241,531,313		235,227,199		241,310,529			235,151,256

Net income attributable to common shareholders - per common share diluted	$	0.02	$	0.23	$	0.19		$	0.43

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.