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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Reconciliation of Common Stock Outstanding | The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the nine months ended September 30, 2024 and the twelve months ended December 31, 2023:
| NINE MONTHS ENDED SEPTEMBER 30, 2024 | TWELVE MONTHS ENDED DECEMBER 31, 2023
Balance, beginning of period | 380,964,433 |  | 380,589,894 |
Issuance of common stock | 8,623 |  | 8,627 |
Conversion of OP units to common stock | 194,767 |  | 190,544 |
Shares Repurchased | (25,735,088) |  | — |
Non-vested share-based awards, net of withheld shares and forfeitures | 401,648 |  | 175,368 |
Balance, end of period | 355,834,383 |  | 380,964,433 |
Schedule of Earnings (Loss) per Share | The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2024, and 2023.
| THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30,
Dollars in thousands, except per share data | 2024 | 2023 | 2024 | 2023
Weighted average common shares outstanding |  |  |  |
Weighted average common shares outstanding | 360,981,496 |  | 380,857,560 |  | 372,230,619 |  | 380,828,004 |
Non-vested shares | (2,021,666) |  | (1,932,221) |  | (1,976,421) |  | (1,941,897) |
Weighted average common shares outstanding - basic | 358,959,830 |  | 378,925,339 |  | 370,254,198 |  | 378,886,107 |
Weighted average common shares outstanding - basic | 358,959,830 |  | 378,925,339 |  | 370,254,198 |  | 378,886,107 |
Dilutive effect of OP Units | — |  | — |  | — |  | — |
Weighted average common shares outstanding - diluted | 358,959,830 |  | 378,925,339 |  | 370,254,198 |  | 378,886,107 |
Net loss | $ | (94,535) |  | $ | (68,604) |  | $ | (555,692) |  | $ | (240,408) |
Income allocated to participating securities | (560) |  | (636) |  | (2,452) |  | (1,868) |
Loss attributable to non-controlling interest | 1,512 |  | 760 |  | 8,053 |  | 2,680 |
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units | (549) |  | (29) |  | (2,560) |  | (122) |
Net loss applicable to common stockholders - basic | $ | (94,132) |  | $ | (68,509) |  | $ | (552,651) |  | $ | (239,718) |
Basic earnings per common share - net loss | $ | (0.26) |  | $ | (0.18) |  | $ | (1.49) |  | $ | (0.63) |
Diluted earnings per common share - net loss | $ | (0.26) |  | $ | (0.18) |  | $ | (1.49) |  | $ | (0.63) |
Schedule of Stock Options, Valuation Assumptions | The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $19.10 for the relative TSR component for the February 2024 grant using the following assumptions:
Volatility |  |  | 28.0 | %
Dividend assumption |  |  | Accrued
Expected term |  |  | 3 years
Risk-free rate |  |  | 4.44 | %
Stock price (per share) |  |  | $15.22
The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $9.62 for the relative TSR component for the February 2024 grant using the following assumptions:
Volatility |  |  | 28.0 | %
Dividend assumption |  |  | Accrued
Expected term |  |  | 3 years
Risk-free rate |  |  | 4.44 | %
Stock price (per share) |  |  | $15.22
Schedule of the Activity Under the Incentive Plan and RSU Activity | The following table represents the summary of non-vested share-based awards under the Incentive Plan for the three and nine months ended September 30, 2024 and 2023:
| THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30,
| 2024 | 2023 | 2024 | 2023
Share-based awards, beginning of period | 4,085,059 |  | 2,923,018 |  | 2,615,562 |  | 2,090,060 |
Granted 1 | — |  | — |  | 1,611,578 |  | 1,118,537 |
Vested | (9,730) |  | (11,664) |  | (84,804) |  | (188,070) |
Change in awards based on performance assessment | — |  | (126,418) |  | (47,202) |  | (205,668) |
Forfeited | — |  | — |  | (19,805) |  | (29,923) |
Share-based awards, end of period | 4,075,329 |  | 2,784,936 |  | 4,075,329 |  | 2,784,936 |
1 LTIP-C units are issued at the maximum possible value of the award and are reflected as such in this table until the performance conditions have been satisfied and the exact number of awards are determinable.
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The following table represents expected amortization of the Company's non-vested awards issued as of September 30, 2024:
Dollars in millions | FUTURE AMORTIZATION of non-vested shares
2024 | $ | 3.6 |
2025 | 12.1 |
2026 | 9.2 |
2027 | 5.0 |
2028 and thereafter | 2.7 |
Total | $ | 32.6 |

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