Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

NOTE 12: EARNINGS PER COMMON SHARE

We determine “Basic earnings per share” using the two-class method as our unvested restricted share awards and units have non-forfeitable rights to dividends and are therefore considered participating securities. We compute basic earnings per share by dividing net income less the allocation of undistributed earnings to unvested restricted share awards and units by the weighted-average number of common shares outstanding for the period.

We also determine “Diluted earnings per share” as the more dilutive of the two-class method or the treasury stock method with respect to the unvested restricted share awards. We further evaluate any other potentially dilutive securities at the end of the period and adjust the basic earnings per share calculation for the impact of those securities that are dilutive. Our dilutive earnings per share calculation includes the dilutive impact of operating partnership units under the if-converted method and our share based awards with performance conditions prior to the grant date and all market condition awards under the contingently issuable method.

The computation of basic and diluted earnings per share for the three years ended December 31, 2023 was as follows (in thousands, except per share data):


	Year Ended December 31,
	2023		2022		2021
Numerator:
Loss from continuing operations	$	(52,977)	$	(30,868)	$	(53,140)

Allocation of earnings to unvested restricted share awards	(255)		(232)		(393)
Adjusted loss from continuing operations	(53,232)		(31,100)		(53,533)
Income from discontinued operations, including gain on sale of real estate	—		—		69,524



Adjusted net (loss) income	$	(53,232)	$	(31,100)	$	15,991
Denominator:
Weighted average shares outstanding – basic and diluted	87,735		87,388		84,544





Earnings per common share, basic:
Continuing operations	$	(0.61)	$	(0.36)	$	(0.63)
Discontinued operations	—		—		0.82
Basic net (loss) income per common share (1)	$	(0.61)	$	(0.36)	$	0.19
Earnings per common share, diluted:
Continuing operations	$	(0.61)	$	(0.36)	$	(0.63)
Discontinued operations	—		—		0.82
Diluted net (loss) income per common share (1)	$	(0.61)	$	(0.36)	$	0.19

Dividends declared per common share	$	0.72	$	0.68	$	0.94

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(1) Earnings per share may not sum due to rounding