Earnings Per Share

12 Months Ended

Dec. 31, 2020

A significant 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 each of the years in the three-year period ended December 31, 2020:


	2020		2019		2018
BASIC


Net income attributable to common shareholders	$	176,788	$	273,225	$	220,838
Weighted-average number of common shares outstanding	266,914,843		237,642,048		236,666,375



Net income attributable to common shareholders - per common share basic	$	0.66	$	1.15	$	0.93


DILUTED:
Net income attributable to common shareholders - basic	$	176,788	$	273,225	$	220,838
Impact of assumed conversions	—		—		2,528


Net income attributable to common shareholders	$	176,788	$	273,225	$	223,366





Weighted-average common shares outstanding - basic	266,914,843		237,642,048		236,666,375
Effect of dilutive securities:
Unvested share-based payment awards and options	1,267,709		292,467		528,495
Operating Partnership Units	—		—		3,616,120

Weighted-average common shares outstanding - diluted	268,182,552		237,934,515		240,810,990




Net income attributable to common shareholders - per common share diluted	$	0.66	$	1.15	$	0.93

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.