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Earnings Per Share and Equity Transactions
 12 Months Ended
Dec. 31, 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:
Year ended December 31,
202120202019
Numerator:
Net (loss) income from continuing operations$(5,360)$(10,174)$63,899 
Earnings allocated to unvested restricted shares— — (29)
Net (loss) income from continuing operations attributable to common shareholders$(5,360)$(10,174)$63,870 
Net loss from discontinued operations attributable to common shareholders$— $— $(25,500)
Denominator:
Weighted average common shares outstanding - basic71,072,933 72,040,623 72,914,406 
Effect of unvested restricted shares (a)— — 76,384 
Weighted average common shares outstanding - diluted71,072,933 72,040,623 72,990,790 
Basic and diluted earnings per common share:
Net (loss) income per common share, continuing operations, basic and diluted$(0.08)$(0.14)$0.88 
Net loss per common share, discontinued operations, basic and diluted— — (0.35)
Net (loss) income per common share, basic and diluted$(0.08)$(0.14)$0.53 
(a)For the years ended December 31, 2021 and 2020, the Company has excluded the anti-dilutive effect of unvested restricted shares.
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 stockholders. The repurchase price per share of $21.70 for eligible 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 $28.90 per share as of December 1, 2020. During the year ended December 31, 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 year ended December 31, 2020, 213,612 shares were repurchased in connection with the Original SRP. Effective July 11, 2020, the Company suspended the Original SRP. During the year ended December 31, 2019, 851,760 shares were repurchased in connection with the Original SRP at a price per share of $2.355.
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 year ended December 31, 2020, 7,904 shares, respectively, were issued pursuant to the DRP. During the year ended December 31, 2019, the Company did not issue shares pursuant to the DRP. Effective July 11, 2020, the Company suspended the DRP.