EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021


14. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing Net Income (Loss) Attributable to Stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.

The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations for the years ended December 31, 2021, 2020, and 2019 (in thousands, except per share amounts):


	2021		2020		2019
Numerator:
Net income (loss) attributable to stockholders - basic	$	15,121	$	4,772	$	(63,532)
Net income (loss) attributable to convertible OP units(1)	2,112		690		(9,583)
Net income (loss) - diluted	$	17,233	$	5,462	$	(73,115)
Denominator:
Weighted-average shares - basic(2)	102,403		96,760		94,636
OP units(1)(3)	14,071		14,255		14,403
Dilutive restricted stock awards	198		141		—
Adjusted weighted-average shares - diluted	116,672		111,156		109,039
Earnings per common share:
Basic and diluted income (loss) per share	$	0.15	$	0.05	$	(0.67)

(1)OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership income or loss attributable to these OP units, which is included as a component of Net (Income) Loss Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator as these OP units were included in the denominator for all years presented. OP units are allocated income on a consistent basis with the common stockholder and therefore have no dilutive impact to earnings per share of common stock.

(2)Includes 93.6 million weighted-average shares of Class B common stock and 8.8 million weighted-average shares of common stock during the year ended December 31, 2021.

(3)Includes 0.7 million weighted-average shares of OP units awarded as a result of the earn-out (see Note 16).

Approximately 0.3 million time-based and 0.8 million performance-based unvested stock units were outstanding as of December 31, 2019. These securities were anti-dilutive for the year ended December 31, 2019, and as a result, their impact was excluded from the weighted-average common shares used to calculate diluted EPS for that period. Outstanding restricted stock awards were dilutive for the years ended December 31, 2021 and 2020, and thus are included in the calculation above.