Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Reconciliation of income (loss) from continuing operations used in the basic and diluted EPS calculations

The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data):


	For the Years Ended December 31,
	2020		2019		2018
Net income (loss)	$	(30,853)	$	334,325	$	(18,326)
Net income attributable to noncontrolling interests	(11,588)		(10,283)		(13,936)
Preferred dividends	(23,496)		(32,495)		(32,495)
Net income (loss) allocable to common shareholders for basic earnings per common share	$	(65,937)	$	291,547	$	(64,757)



Add: Effect of Series J convertible perpetual preferred stock	—		9,000		—
Net income (loss) allocable to common shareholders for diluted earnings per common share	$	(65,937)	$	300,547	$	(64,757)

Schedule of earnings per share allocable to common shares and HPU shares


	For the Years Ended December 31,
	2020		2019		2018
Earnings allocable to common shares:
Numerator for basic earnings per share:

Net income (loss) allocable to common shareholders	$	(65,937)	$	291,547	$	(64,757)

Numerator for diluted earnings per share:

Net income (loss) allocable to common shareholders	$	(65,937)	$	300,547	$	(64,757)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	75,684		64,696		67,958
Add: Effect of assumed shares issued under treasury stock method for restricted stock units	—		146		—



Add: Effect of series J convertible perpetual preferred stock	—		15,824		—
Weighted average common shares outstanding for diluted earnings per common share	75,684		80,666		67,958

Basic earnings per common share:

Net income (loss) allocable to common shareholders	$	(0.87)	$	4.51	$	(0.95)

Diluted earnings per common share:(1)

Net income (loss) allocable to common shareholders	$	(0.87)	$	3.73	$	(0.95)

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(1)For the years ended December 31, 2020 and 2018, the effect of certain of the Company's restricted stock awards were anti-dilutive due to the Company having a net loss for the period. For the year ended December 31, 2018, 15,704 shares of Series J convertible perpetual preferred stock (refer to Note 14) were anti-dilutive. The Company will settle conversions of the 3.125% Convertible Notes by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the years ended December 31, 2020, 2019, and 2018, and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.