XML 37 R23.htm IDEA: XBRL DOCUMENT v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The Company uses the two-class method of computing net earnings per common shares. The Company's non-vested share-based awards are considered participating securities pursuant to the two-class method.
The Company used the treasury method to determine the dilution from the forward equity agreements during the period of time prior to settlement. The number of weighted-average shares outstanding used in the computation of earnings per common share for the year ended December 31, 2021 included the effect from the assumed issuance of 0.7 million shares of common stock pursuant to the settlement of the forward equity agreements at the contractual price, less the assumed repurchase of the common stock at the average market price using the proceeds of approximately $23.1 million, adjusted for costs to borrow. For the year ended December 31, 2021, 1,682 weighted-average incremental shares of common stock were excluded from the computation of weighted-average common shares outstanding - diluted, as the impact was anti-dilutive. As of and for the year ended December 31, 2022, these forward equity agreements settled and consequently, the Company did not have any remaining shares subject to unsettled forward sale agreements.
The table below sets forth the computation of basic and diluted earnings per common share for the three years ended December 31, 2023.
 YEAR ENDED DECEMBER 31,
Dollars in thousands, except per share data202320222021
Weighted average common shares outstanding
Weighted average common shares outstanding380,850,967 254,296,810 144,411,835 
Non-vested shares(1,923,096)(1,940,607)(1,774,669)
Weighted average common shares outstanding - basic378,927,871 252,356,203 142,637,166 
Weighted average common shares outstanding - basic378,927,871 252,356,203 142,637,166 
Dilutive effect of forward equity shares— — — 
Dilutive effect of OP Units— 1,451,599 — 
Dilutive effect of employee stock purchase plan— 65,519 73,062 
Weighted average common shares outstanding - diluted378,927,871 253,873,321 142,710,228 
Net (loss) income$(282,083)$40,693 $66,659 
Net loss attributable to non-controlling interest3,822 204 — 
Net (loss) income attributable to common stockholders$(278,261)$40,897 $66,659 
Income allocated to participating securities (2,504)(2,437)(2,154)
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units(851)— — 
Net (loss) income applicable to common stockholders - basic$(281,616)$38,460 $64,505 
Net income attributable to OP Units— 81 — 
Net income applicable to common stockholders - diluted$(281,616)$38,541 $64,505 
Basic earnings per common share - net income$(0.74)$0.15 $0.45 
Diluted earnings per common share - net income$(0.74)$0.15 $0.45 
The effect of OP units convertible into shares totaling 4,023,679 shares and options to purchase 31,997 shares under the Company's Employee Stock Purchase Plan for the year ended December 31, 2023 were excluded from the calculation of diluted loss per common share because the effect was anti-dilutive due to the loss from continuing operations incurred during the year.