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INCOME/(LOSS) PER SHARE | 6 Months Ended
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Jun. 30, 2020
INCOME/(LOSS) PER SHARE |
INCOME/(LOSS) PER SHARE | 8. INCOME/(LOSS) PER SHARE The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 | ​
Numerator for income/(loss) per share: | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Net income/(loss) | ​ | $ | 62,096 | ​ | $ | 38,318 | ​ | $ | 67,636 | ​ | $ | 64,920 | ​
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | ​ |  | (4,291) | ​ |  | (2,652) | ​ |  | (4,604) | ​ |  | (4,709) | ​
Net (income)/loss attributable to noncontrolling interests | ​ |  | (34) | ​ |  | (47) | ​ |  | (40) | ​ |  | (89) | ​
Net income/(loss) attributable to UDR, Inc. | ​ |  | 57,771 | ​ |  | 35,619 | ​ |  | 62,992 | ​ |  | 60,122 | ​
Distributions to preferred stockholders — Series E (Convertible) | ​ |  | (1,062) | ​ |  | (1,031) | ​ |  | (2,128) | ​ |  | (2,042) | ​
Income/(loss) attributable to common stockholders - basic and diluted | ​ | $ | 56,709 | ​ | $ | 34,588 | ​ | $ | 60,864 | ​ | $ | 58,080 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator for income/(loss) per share: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Weighted average common shares outstanding | ​ |  | 294,970 | ​ |  | 282,215 | ​ |  | 294,850 | ​ |  | 279,769 | ​
Non-vested restricted stock awards | ​ |  | (260) | ​ |  | (255) | ​ |  | (266) | ​ |  | (275) | ​
Denominator for basic income/(loss) per share | ​ |  | 294,710 | ​ |  | 281,960 | ​ |  | 294,584 | ​ |  | 279,494 | ​
Incremental shares issuable from assumed conversion of unvested LTIP Units and unvested restricted stock | ​ |  | 377 | ​ |  | 615 | ​ |  | 499 | ​ |  | 587 | ​
Denominator for diluted income/(loss) per share | ​ |  | 295,087 | ​ |  | 282,575 | ​ |  | 295,083 | ​ |  | 280,081 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income/(loss) per weighted average common share: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Basic | ​ | $ | 0.19 | ​ | $ | 0.12 | ​ | $ | 0.21 | ​ | $ | 0.21 | ​
Diluted | ​ | $ | 0.19 | ​ | $ | 0.12 | ​ | $ | 0.21 | ​ | $ | 0.21 | ​
​ Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per common share is computed based upon the weighted average number of common shares outstanding plus the common shares issuable from the assumed conversion of the OP Units and DownREIT Units, convertible preferred stock, stock options, unvested long-term incentive plan units (“LTIP Units”), unvested restricted stock and continuous equity program forward sales agreements. Only those instruments having a dilutive impact on our basic income/(loss) per share are included in diluted income/(loss) per share during the periods. For the three and six months ended June 30, 2020 and 2019, the effect of the conversion of the OP Units, DownREIT Units, LTIP Units, the Company’s Series E preferred stock and shares issuable upon settlement of forward sales agreements was not dilutive and therefore not included in the above calculation. In July 2017, the Company entered into an ATM sales agreement under which the Company may offer and sell up to 20.0 million shares of its common stock, from time to time, to or through its sales agents and may enter into separate forward sales agreements to or through its forward purchasers. Upon entering into the ATM sales agreement, the Company simultaneously terminated the sales agreement for its prior at-the-market equity offering program, which was entered into in April 2017, which replaced the prior at-the-market equity offering program entered into in April 2012. During the six months ended June 30, 2020, the Company did not sell any shares of common stock through its ATM program. As of June 30, 2020, we had 11.7 million shares of common stock available for future issuance under the ATM program, including an aggregate of 2.1 million shares subject to the forward sales agreements described below. In connection with any forward sales agreement under the Company’s ATM program, the relevant forward purchasers will borrow from third parties and, through the relevant sales agent, acting in its role as forward seller, sell a number of shares of the Company’s common stock equal to the number of shares underlying the agreement. The Company does not initially receive any proceeds from any sale of borrowed shares by the forward seller. ​ During the six months ended June 30, 2020, the Company entered into forward sales agreements under its ATM program for a total of 2.1 million shares of common stock at a weighted average initial forward price per share of $49.56. The initial forward price per share to be received by the Company upon settlement will be determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the forward sales agreement. As of June 30, 2020, no shares under the forward sales agreements have been settled. The final dates by which shares sold under the forward sales agreements must be settled range between February 12, 2021 and March 3, 2021. ​ The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. The Company currently expects to fully physically settle each forward sales agreement with the relevant forward purchaser on one or more dates specified by the Company on or prior to the maturity date of that particular forward sales agreement, in which case the Company expects to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward sales agreement multiplied by the relevant forward sale price. However, subject to certain exceptions, the Company may also elect, in its discretion, to cash settle or net share settle a particular forward sales agreement, in which case the Company may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and the Company may owe cash (in the case of cash settlement) or shares of UDR common stock (in the case of net share settlement) to the relevant forward purchaser. ​ The following table sets forth the additional shares of common stock issuable, by equity instrument, if such equity instrument were converted to or redeemed for common stock for each of the three and six months ended June 30, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ | ​ | 2020 | ​ | 2019 | ​ | 2020 | ​ | 2019 | ​
OP/DownREIT Units |  | 22,386 |  | 22,736 |  | 22,307 |  | 23,504 |
Convertible preferred stock |  | 2,953 |  | 3,011 |  | 2,982 |  | 3,011 |
Unvested LTIP Units and unvested restricted stock |  | 377 |  | 615 |  | 499 |  | 587 |
​

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