| Earnings per Share of Common Stock |
Earnings per Share of Common Stock Both the net income or loss attributable to the non-controlling OP units and the non-controlling limited partners’ outstanding OP units have been excluded from the basic earnings per share and the diluted earnings per share calculations attributable to common stockholders. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method.
The computation of basic and diluted earnings per common share of common stock is as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
Numerator: |
2019 |
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2018 |
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2019 |
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2018 |
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(in thousands, except share and per share data) |
Net income (loss) attributable to controlling stockholders and participating securities |
$ |
9,102 |
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$ |
16,483 |
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$ |
35,487 |
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$ |
32,522 |
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Less: Dividends on participating securities |
(300 |
) |
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(433 |
) |
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(900 |
) |
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(1,342 |
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Undistributed earnings attributable to participating securities |
— |
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— |
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— |
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— |
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Net income (loss) attributable to controlling stockholders |
$ |
8,802 |
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$ |
16,050 |
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$ |
34,587 |
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$ |
31,180 |
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Denominator: |
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Weighted-average number of common shares — basic |
64,922,325 |
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52,728,587 |
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63,492,884 |
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52,167,308 |
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Weighted-average number of common shares — diluted |
65,630,711 |
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52,728,587 |
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64,147,835 |
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52,167,308 |
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Basic earnings per common share |
$ |
0.14 |
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$ |
0.30 |
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$ |
0.55 |
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$ |
0.60 |
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Diluted earnings per common share |
$ |
0.13 |
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$ |
0.30 |
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$ |
0.54 |
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$ |
0.60 |
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Other Information: |
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Weighted-average number of OP units |
279,415 |
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281,289 |
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278,202 |
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282,171 |
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Unvested restricted common stock outstanding at period end (i.e., participating securities) |
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763,575 |
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1,310,796 |
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