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Earnings (Loss) per Share and Equity Transactions | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Earnings (Loss) per Share and Equity Transactions | Earnings (Loss) per Share and Equity Transactions The following table reconciles the amounts used in calculating basic and diluted income (loss) per share:
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Numerator: |  |  |  |  |  |  |  |
Net income (loss) from continuing operations |  | $ | 1,677 |  |  | $ | 24,926 |  |  | $ | (11,420) |  |  | $ | 35,205 |
Earnings allocated to unvested restricted shares |  | — |  |  | (50) |  |  | — |  |  | — |
Net income (loss) from continuing operations attributed to common shareholders |  | $ | 1,677 |  |  | $ | 24,876 |  |  | $ | (11,420) |  |  | $ | 35,205 |
Net loss from discontinued operations attributed to common shareholders |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (25,500) |
Denominator: |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding - basic |  | 718,934,723 |  |  | 728,722,763 |  |  | 720,198,772 |  |  | 728,645,975 |
Effect of unvested restricted shares (a) |  | 633,616 |  |  | 733,959 |  |  | — |  |  | 575,251 |
Weighted average number of common shares outstanding - diluted |  | 719,568,339 |  |  | 729,456,722 |  |  | 720,198,772 |  |  | 729,221,226 |
Basic and diluted income (loss) per common share: |  |  |  |  |  |  |  |
Net income (loss) from continuing operations per common share |  | $ | — |  |  | $ | 0.03 |  |  | $ | (0.02) |  |  | $ | 0.05 |
Net loss from discontinued operations per common share |  | — |  |  | — |  |  | — |  |  | (0.03) |
Net income (loss) per common share |  | $ | — |  |  | $ | 0.03 |  |  | $ | (0.02) |  |  | $ | 0.02 |
(a)For the three and nine months ended September 30, 2020, the Company has excluded the anti-dilutive effect of unvested restricted shares. On November 1, 2019, the Company adopted a Second Amended and Restated Share Repurchase Program ("SRP"), authorizing redemption of the Company's shares of common stock, subject to certain conditions and limitations, to provide limited liquidity to stockholders. The Company's obligation to repurchase any shares under the SRP was conditioned upon having sufficient funds available to complete the repurchase. The repurchase price per share for all stockholders is equal to a 25% discount to the most recent estimated Net Asset Value ('"NAV") per share of the Company's common stock established by the Company's Board of Directors (the "Board"), which was $3.14 per share as of May 1, 2019. During the nine months ended September 30, 2020, 2,136,119 shares were repurchased in connection with the SRP. On November 1, 2019, the Company began offering shares of the Company's common stock to existing stockholders pursuant to the Company's Amended and Restated Distribution Reinvestment Plan ("DRP"). Under the DRP, stockholders may elect to reinvest an amount equal to the distributions declared on their shares of common stock into additional shares of the Company's common stock in lieu of receiving cash distributions. In accordance with the DRP, participants may acquire shares of common stock at a 25% discount to the most recent estimated NAV per share of the Company's common stock established by the Board, which was $3.14 per share as of May 1, 2019. During the nine months ended September 30, 2020, 79,040 shares, were issued pursuant to the DRP. Effective July 11, 2020, the Company suspended the SRP and the DRP until further notice.

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