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Earnings Per Share (Tables) | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Schedule of Earnings Per Share, Basic and Diluted | Computations of basic and diluted EPS were as follows (in millions, except for per share data):
|  | Three Months Ended |  | Six Months Ended
|  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Numerator |  |  |  | As Restated |  |  |  | As Restated
Net income / (loss) attributable to SUI common shareholders |  | $ | 52.1 |  |  | $ | (207.6) |  |  | $ | 24.7 |  |  | $ | (252.5) |
Less: allocation to restricted stock awards |  | 0.3 |  |  | (1.7) |  |  | 0.1 |  |  | (1.9) |
Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards |  | 51.8 |  |  | (205.9) |  |  | 24.6 |  |  | (250.6) |
Add: allocation to common and preferred OP units dilutive effect |  | — |  |  | (4.1) |  |  | 0.4 |  |  | (5.0) |
Add: allocation to restricted stock awards |  | — |  |  | (1.7) |  |  | — |  |  | (1.9) |
Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units(1) |  | $ | 51.8 |  |  | $ | (211.7) |  |  | $ | 25.0 |  |  | $ | (257.5) |
Denominator |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  | 123.7 |  |  | 123.4 |  |  | 123.7 |  |  | 123.4 |
Add: dilutive restricted stock |  | — |  |  | 0.2 |  |  | — |  |  | 0.4 |
Add: common and preferred OP units dilutive effect |  | — |  |  | 2.5 |  |  | 2.7 |  |  | 2.4 |
Diluted weighted average common shares and securities(1) |  | 123.7 |  |  | 126.1 |  |  | 126.4 |  |  | 126.2 |
EPS Available to Common Shareholders After Allocation |  |  |  |  |  |  |  |
Basic earnings / (loss) per share |  | $ | 0.42 |  |  | $ | (1.67) |  |  | $ | 0.20 |  |  | $ | (2.03) |
Diluted earnings / (loss) per share(1) |  | $ | 0.42 |  |  | $ | (1.68) |  |  | $ | 0.20 |  |  | $ | (2.04) |
(1) For the three and six months ended June 30, 2024, diluted earnings per share was calculated using the two-class method for restricted common shares as the application of this method resulted in a more diluted earnings per share during those periods. For the three and six months ended June 30, 2023, diluted loss per share was calculated using the treasury stock method for restricted common shares as the application of this method resulted in a more diluted loss per share during those periods. We have excluded certain convertible securities from the computation of diluted EPS because the inclusion of those securities would have been anti-dilutive for the periods presented. The following table presents the outstanding securities that were excluded from the computations of diluted EPS as of June 30, 2024 and 2023 (in thousands):
|  | As of |
|  | June 30, 2024 |  | June 30, 2023 |
Common OP units |  | 2,690 |  | (1) | — |  |
A-1 preferred OP units |  | 192 |  |  | 208 |  |
A-3 preferred OP units |  | 40 |  |  | 40 |  |
Aspen preferred OP units(2) |  | N/A |  | 989 |  |
Series C preferred OP units |  | 297 |  |  | 306 |  |
Series D preferred OP units |  | 489 |  |  | 489 |  |
Series E preferred OP units |  | 80 |  |  | 80 |  |
Series F preferred OP units |  | 90 |  |  | 90 |  |
Series G preferred OP units |  | 206 |  |  | 222 |  |
Series H preferred OP units |  | 581 |  |  | 581 |  |
Series J preferred OP units |  | 238 |  |  | 238 |  |
Series K preferred OP units |  | 1,000 |  |  | 1,000 |  |
Series L preferred OP units |  | 20 |  |  | N/A |
Total Securities |  | 5,923 |  |  | 4,243 |  |
N/A = Not applicable. (1) For the three months ended June 30, 2024, Common OP units were excluded from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the period. For the six months ended June 30, 2024, Common OP units were included in the computation of diluted earnings per share because they were dilutive for the period. (2) All of our outstanding Aspen preferred OP units converted during the year ended December 31, 2023.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the outstanding securities that were excluded from the computations of diluted EPS as of June 30, 2024 and 2023 (in thousands):
|  | As of |
|  | June 30, 2024 |  | June 30, 2023 |
Common OP units |  | 2,690 |  | (1) | — |  |
A-1 preferred OP units |  | 192 |  |  | 208 |  |
A-3 preferred OP units |  | 40 |  |  | 40 |  |
Aspen preferred OP units(2) |  | N/A |  | 989 |  |
Series C preferred OP units |  | 297 |  |  | 306 |  |
Series D preferred OP units |  | 489 |  |  | 489 |  |
Series E preferred OP units |  | 80 |  |  | 80 |  |
Series F preferred OP units |  | 90 |  |  | 90 |  |
Series G preferred OP units |  | 206 |  |  | 222 |  |
Series H preferred OP units |  | 581 |  |  | 581 |  |
Series J preferred OP units |  | 238 |  |  | 238 |  |
Series K preferred OP units |  | 1,000 |  |  | 1,000 |  |
Series L preferred OP units |  | 20 |  |  | N/A |
Total Securities |  | 5,923 |  |  | 4,243 |  |
N/A = Not applicable. (1) For the three months ended June 30, 2024, Common OP units were excluded from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the period. For the six months ended June 30, 2024, Common OP units were included in the computation of diluted earnings per share because they were dilutive for the period. (2) All of our outstanding Aspen preferred OP units converted during the year ended December 31, 2023.

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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