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Earnings Per Share (Tables)

6 Months Ended

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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- References

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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

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-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

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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

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