Earnings Per Share

6 Months Ended

Jun. 30, 2021

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, 2021 and 2020:


	Three Months Ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
BASIC


Net income attributable to common shareholders	$	71,000	$	17,254	$	110,397	$	33,790
Weighted-average number of common shares outstanding - basic	275,568,868		264,785,583		275,493,019		258,911,872

Net income attributable to common shareholders - per common share basic	$	0.26	$	0.07	$	0.40	$	0.13

DILUTED
Net income attributable to common shareholders - basic	$	71,000	$	17,254	$	110,397	$	33,790
Impact of assumed conversions	—		77		—		184
Net income attributable to common shareholders	$	71,000	$	17,331	$	110,397	$	33,974

Weighted-average common shares outstanding - basic	275,568,868		264,785,583		275,493,019		258,911,872
Effect of dilutive securities:
Shares issuable under forward sales agreements	1,098,031		—		553,937		—
Unvested share-based payment awards and options	799,157		1,210,241		787,133		1,185,016


Operating partnership units	—		3,092,807		—		3,120,464

Weighted-average common shares outstanding - diluted	277,466,056		269,088,631		276,834,089		263,217,352


Net income attributable to common shareholders - per common share diluted	$	0.26	$	0.06	$	0.40	$	0.13

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.