Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2022

Basic EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is calculated by dividing net income (loss) available to common stockholders that has been adjusted for dilutive securities, by the weighted-average number of common shares outstanding including dilutive securities.

Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of EPS pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested share-based compensation (participating securities) have been excluded, as applicable, from net income or loss available to common stockholders used in the basic and diluted EPS calculations.

The following is a reconciliation of the calculation of basic and diluted EPS (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income (loss) attributable to common stockholders	$	50,063	$	(21,487)	$	57,637	$	(194,788)
Dividends declared on unvested share-based compensation	—		—		—		—
Net income (loss) available to common stockholders	$	50,063	$	(21,487)	$	57,637	$	(194,788)
Denominator:
Weighted-average number of common shares outstanding—basic	212,834,222		211,966,308		212,663,838		211,819,758
Effect of dilutive securities:
Unvested restricted common stock	303,062		—		244,911		—

Shares related to unvested PSUs	383,422		—		370,425		—
Weighted-average number of common shares outstanding—diluted	213,520,706		211,966,308		213,279,174		211,819,758
Earnings (loss) per share:
Earnings (loss) per share available to common stockholders—basic	$	0.24	$	(0.10)	$	0.27	$	(0.92)
Earnings (loss) per share available to common stockholders—diluted	$	0.23	$	(0.10)	$	0.27	$	(0.92)

For the three and six months ended June 30, 2021, 213,125 and 469,776 of unvested restricted common shares, respectively, were excluded from diluted weighted-average common shares outstanding, as their effect would be anti-dilutive. For the three months and six months ended June 30, 2021, 281,201 and 335,070 of unvested PSUs, respectively, were excluded from the diluted weighted-average common shares outstanding, as their effect would be anti-dilutive. There were no unvested restricted common shares or PSUs excluded from the diluted weighted-average common shares outstanding for the three and six months ended June 30, 2022.

The common OP units held by the noncontrolling interest holders have been excluded from the denominator of the diluted earnings (loss) per share calculation as there would be no effect on the amounts since the common OP units' share of income or loss would also be added or subtracted to derive net income (loss) available to common stockholders.