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EARNINGS PER SHARE AND EQUITY
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
EARNINGS PER SHARE AND EQUITY EARNINGS PER SHARE AND EQUITY
Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to shareholders by the weighted average number of common shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of common shares outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.
The calculation of basic and diluted EPS is presented below.
Year Ended December 31,
(in thousands, except share and per share data)202120202019
Net (loss) income from continuing operations$(130,706)$(105,023)$134,322 
Net income from discontinued operations, net of income taxes— 1,331 73,462 
Net (loss) income(130,706)(103,692)207,784 
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations(26,472)(16,522)(17,571)
Discontinued operations— — 247 
Less: Dividends on preferred shares24,758 17,869 1,838 
Net (loss) income attributable to shareholders$(128,992)$(105,039)$223,270 
Weighted average shares outstanding:
Basic89,922,088 86,015,702 85,992,019 
Diluted89,922,088 86,015,702 86,029,363 
Basic EPS:
Continuing operations$(1.43)$(1.24)$1.74 
Discontinued operations$— $0.02 $0.85 
Diluted EPS:
Continuing operations$(1.43)$(1.24)$1.74 
Discontinued operations$— $0.02 $0.85 

The calculation of Diluted EPS excludes 898,299, 24,652 and 150,981 shares for the years ended December 31, 2021, 2020 and 2019, respectively, because the impact would be anti-dilutive.
Certain holders of Class B Units (see Note 18) converted 279,678, 911,448 and 1,134,806 Class B Units, respectively, in exchange for 207,129, 675,015 and 840,434 common shares, respectively, during the years ended December 31, 2021, 2020 and 2019.
We issued 17,155 common shares to certain directors as compensation during the year ended December 31, 2021.
Common Shares
In September 2021, we issued 12,000,000 common shares, par value $0.01 per share, at a price of $25.50 per share. We received net proceeds of $291.7 million after deducting underwriting discounts and offering expenses. The proceeds were used to repay a portion of the Bridge Loans (see Note 10).
In October 2021, the underwriters exercised an option to purchase an additional 1,283,863 common shares, par value $0.01 per share, at a price of $25.50 per share.
See Note 15 for information related to options issued to the Manager in connection with such offering.
Preferred Shares
In March 2021, in a public offering, we issued 4,200,000 shares of 8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares (“Series C Preferred Shares”), par value $0.01 per share, with a liquidation preference of $25.00 per share for net proceeds of approximately $101.2 million.
On June 30, 2020, we entered into an At Market Issuance Sales Agreement with a third party to sell shares of our Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares (“Series A Preferred Shares”) and Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares (“Series B Preferred Shares”, collectively, the “ATM Shares”), having an aggregate offering price of up to $100 million, from time to time, through an “at-the market” equity offering program (the “ATM Program”). We sold 1,070,000 ATM Shares at a weighted average price of $19.54 per share for net proceeds of $20.6 million during the year ended December 31, 2020. In connection with the shares sold under the ATM Program, we granted options to the Manager relating to 129,988 common shares, which had a grant date fair value of $0.7 million.
In September 2019, in a public offering, we issued 3,450,000 shares of 8.25% Series A Preferred Shares, par value $0.01 per share, with a liquidation preference of $25.00 per share for net proceeds of approximately $82.9 million.
In November 2019, in a public offering, we issued 4,600,000 shares of 8.00% Series B Preferred Shares, par value $0.01 per share, with a liquidation preference of $25.00 per share for net proceeds of approximately $111.1 million.
See Note 15 for information related to options issued to the Manager in connection with these offerings.