EARNINGS PER SHARE AND EQUITY

12 Months Ended

Dec. 31, 2022

Basic earnings per ordinary share (“EPS”) is calculated by dividing net loss attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of ordinary 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)	2022		2021		2020
Net loss from continuing operations	$	(110,611)	$	(42,861)	$	(39,051)
Net loss from discontinued operations, net of income taxes	(101,416)		(87,845)		(64,641)
Net loss	(212,027)		(130,706)		(103,692)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	—		—		—
Discontinued operations	(18,817)		(26,472)		(16,522)
Less: Dividends on preferred shares	27,164		24,758		17,869
Net loss attributable to shareholders	$	(220,374)	$	(128,992)	$	(105,039)
Weighted Average Ordinary Shares Outstanding - Basic (1)	99,421,008		89,922,088		86,015,702
Weighted Average Ordinary Shares Outstanding - Diluted (1)	99,421,008		89,922,088		86,015,702

Loss per share:
Basic
Continuing operations	$	(1.39)	$	(0.75)	$	(0.66)
Discontinued operations	$	(0.83)	$	(0.68)	$	(0.56)

Diluted
Continuing operations	$	(1.39)	$	(0.75)	$	(0.66)
Discontinued operations	$	(0.83)	$	(0.68)	$	(0.56)

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(1) Years ended December 31, 2022, 2021 and 2020 include participating securities which can be converted into a fixed amount of our shares.

The calculation of Diluted EPS excludes 582,200, 898,299 and 24,652 shares for the years ended December 31, 2022, 2021 and 2020, respectively, because the impact would be anti-dilutive.

During the year ended December 31, 2022, 19,811 ordinary shares were issued to certain directors as compensation.

Ordinary Shares

In September 2021, 12,000,000 ordinary shares, par value $0.01 per share, were issued at a price of $25.50 per share for net proceeds of $291.7 million after deducting underwriting discounts and offering expenses.

In October 2021, the underwriters exercised an option to purchase an additional 1,283,863 ordinary shares, par value $0.01 per share, at a price of $25.50 per share.

See Note 11 for information related to options issued to the Manager in connection with such offering.

Preferred Shares

In March 2021, in a public offering, 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, were issued with a liquidation preference of $25.00 per share for net proceeds of approximately $101.2 million.

On June 30, 2020, an At Market Issuance Sales Agreement was executed with a third party to sell shares of 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”). During the year ended December 31, 2020, 1,070,000 ATM Shares were sold at a weighted average price of $19.54 per share for net proceeds of $20.6 million. In connection with the shares sold under the ATM Program, the Manager was granted 129,988 ordinary shares, which had a grant date fair value of $0.7 million.

In September 2019, in a public offering, 3,450,000 shares of 8.25% Series A Preferred Shares, par value $0.01 per share, were issued with a liquidation preference of $25.00 per share for net proceeds of approximately $82.9 million.

In November 2019, in a public offering, 4,600,000 shares of 8.00% Series B Preferred Shares, par value $0.01 per share, were issued with a liquidation preference of $25.00 per share for net proceeds of approximately $111.1 million.

See Note 11 for information related to options issued to the Manager in connection with these offerings.