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Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Common Share | 14. Earnings P er Common Share Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted-average Common Shares outstanding (Note 10). During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of Restricted Share Units issued under the Company’s Share Incentive Plans (Note 13). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below. The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Numerator: |  |  |  |  | (As Restated) |  |  |  |  |  | (As Restated) |
Net (loss) income attributable to Acadia |  | $ | (55,891 | ) |  | $ | 12,007 |  |  | $ | (39,427 | ) |  | $ | 20,535 |
Less: net income attributable to participating securities |  |  | (198 | ) |  |  | (156 | ) |  |  | — |  |  |  | (468 | )
(Loss) income from continuing operations net of income attributable to participating securities for basic (loss) earnings per share |  |  | (56,089 | ) |  |  | 11,851 |  |  |  | (39,427 | ) |  |  | 20,067 |
Impact of City Point Loan share conversion option (a) |  |  | (1,804 | ) |  |  | — |  |  |  | (1,804 | ) |  |  | — |
(Loss) income from continuing operations net of income attributable to participating securities for diluted (loss) earnings per share |  | $ | (57,893 | ) |  | $ | 11,851 |  |  | $ | (41,231 | ) |  | $ | 20,067 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares for basic earnings per share |  |  | 94,980,333 |  |  |  | 88,480,844 |  |  |  | 94,757,678 |  |  |  | 87,217,422 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Series A Preferred OP Units |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Employee unvested restricted shares |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
City Point Loan common stock conversion option (Note 10) (a) |  |  | 270,635 |  |  |  | — |  |  |  | 91,203 |  |  |  | — |
Denominator for diluted earnings per share |  |  | 95,250,968 |  |  |  | 88,480,844 |  |  |  | 94,848,881 |  |  |  | 87,217,422 |
Basic (loss) earnings per Common Share from continuing operations attributable to Acadia |  | $ | (0.59 | ) |  | $ | 0.13 |  |  | $ | (0.42 | ) |  | $ | 0.23 |
Diluted (loss) earnings per Common Share from continuing operations attributable to Acadia |  | $ | (0.61 | ) |  | $ | 0.13 |  |  | $ | (0.43 | ) |  | $ | 0.23 |
Anti-Dilutive Shares Excluded from Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Series A Preferred OP Units |  |  | 188 |  |  |  | 188 |  |  |  | 188 |  |  |  | 188 |
Series A Preferred OP Units - Common share equivalent |  |  | 25,067 |  |  |  | 25,067 |  |  |  | 25,067 |  |  |  | 25,067 |
Series C Preferred OP Units |  |  | 126,593 |  |  |  | 126,593 |  |  |  | 126,593 |  |  |  | 126,593 |
Series C Preferred OP Units - Common share equivalent |  |  | 439,556 |  |  |  | 439,556 |  |  |  | 439,556 |  |  |  | 439,556 |
Restricted shares |  |  | 69,832 |  |  |  | 70,827 |  |  |  | 69,832 |  |  |  | 70,827 |
The impact of assumed conversion of dilutive convertible securities is related to the assumed conversion of potential common shares of the Company that could be subsequently issued in connection with the City Point Loan (Note 10) for the stub-period until the put rights were modified for a cash-only settlement option in the third quarter of 2022.

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