Earnings Per Share

9 Months Ended

Sep. 30, 2022

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 nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
BASIC


Net income attributable to common shareholders	$	21,776	$	5,028	$	70,441	$	115,470
Weighted-average number of common shares outstanding - basic	277,535,717		278,124,204		281,559,058		276,379,718

Net income attributable to common shareholders - per common share basic	$	0.08	$	0.02	$	0.25	$	0.42

DILUTED
Net income attributable to common shareholders - basic	$	21,776	$	5,028	$	70,441	$	115,470


Impact of assumed conversions	11		—		147		—
Net income attributable to common shareholders	$	21,787	$	5,028	$	70,588	$	115,470

Weighted-average common shares outstanding - basic	277,535,717		278,124,204		281,559,058		276,379,718
Effect of dilutive securities:
Shares issuable under forward sales agreements	—		2,765,030		1,699,789		1,290,968
Unvested share-based payment awards	139,371		1,159,224		491,877		911,163


Operating partnership units	846,858		—		859,226		—

Weighted-average common shares outstanding - diluted	278,521,946		282,048,458		284,609,950		278,581,849


Net income attributable to common shareholders - per common share diluted	$	0.08	$	0.02	$	0.25	$	0.41

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.