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Earnings Per Share and Equity Transactions | 9 Months Ended
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Sep. 30, 2021
Earnings Per Share [Abstract] |
Earnings Per Share and Equity Transactions | Earnings Per Share and Equity Transactions Basic earnings per share ("EPS") is computed using the two-class method by dividing net income or loss by the weighted average number of common shares outstanding for the period (the "common shares") and participating securities. The time-based restricted share awards issued pursuant to the Incentive Award Plan are deemed to be participating securities. Diluted EPS is generally computed using the treasury-stock method by dividing net income or loss by the common shares plus potential common shares resulting from time-based restricted share awards. The following table reconciles the amounts used in calculating basic and diluted earnings per share:
| Three months ended September 30, |  | Nine months ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Numerator: |  |  |  |  |  |  |
Net income (loss) attributed to common shareholders | $ | 3,992 |  |  | $ | 1,677 |  |  | $ | 5,391 |  |  | $ | (11,420) |
Denominator: |  |  |  |  |  |  |
Weighted average common shares outstanding - basic | 71,261,403 |  |  | 71,945,847 |  |  | 71,731,832 |  |  | 72,072,252 |
Dilutive effect of unvested restricted shares (a) | 134,222 |  |  | 63,362 |  |  | 70,250 |  |  | — |
Weighted average common shares outstanding - diluted | 71,395,625 |  |  | 72,009,209 |  |  | 71,802,082 |  |  | 72,072,252 |
Basic and diluted earnings per common share: |  |  |  |  |  |  |
Net income (loss) per common share, basic and diluted | $ | 0.06 |  |  | $ | 0.02 |  |  | $ | 0.08 |  |  | $ | (0.16) |
(a)For the nine months ended September 30, 2020, unvested restricted shares were anti-dilutive. On August 5, 2021, the Company effected a 1-for-10 reverse stock split of its common stock, reducing the number of shares of common stock outstanding from 712,090,283 to 71,261,403 shares on that date. Fractional shares resulted in the issuance of an additional 52,375 shares, which have been included in the total issued and outstanding shares for all periods presented. See "Note 1. Organization" for more information concerning the reverse stock split. On April 6, 2021, the Company adopted the Third Amended and Restated Share Repurchase Program, (as amended, the "SRP"). On April 12, 2021, the Company announced the reinstatement of the SRP, effective May 14, 2021, for qualifying shareholders. The repurchase price per share of $21.70 for eligible stockholders is equal to a 25% discount to the most recent estimated NAV per share of the Company's common stock established by the Company's board of directors (the "Board"), which was $28.90 per share as of December 1, 2020. During the nine months ended September 30, 2021, 755,643 shares were repurchased in connection with the SRP. On August 5, 2021, the Board suspended the SRP effective September 5, 2021. On November 1, 2019, the Company adopted a Second Amended and Restated Share Repurchase Program (the "Original SRP"). During the nine months ended September 30, 2020, 213,612 shares were repurchased in connection with the Original SRP. Effective July 11, 2020, the Company suspended the Original SRP. On November 1, 2019, the Company began offering shares of its common stock to existing stockholders pursuant to its Amended and Restated Distribution Reinvestment Plan ("DRP"). During the three and nine months ended September 30, 2020, 5,779 and 7,904 shares, respectively, were issued pursuant to the DRP. Effective July 11, 2020, the Company suspended the DRP.

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