Earnings Per Share

6 Months Ended

Jun. 30, 2021

Note 16—Earnings Per Share

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Net loss	$	(11,416)	$	(14,363)	$	(3,427)	$	(27,249)
Net income attributable to noncontrolling interests		(2,253)		(3,098)		(4,773)		(5,789)
Preferred dividends		(5,874)		(5,874)		(11,748)		(11,748)
Net loss allocable to common shareholders for basic and diluted earnings per common share	$	(19,543)	$	(23,335)	$	(19,948)	$	(44,786)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net loss attributable to iStar Inc. and allocable to common shareholders	$	(19,543)	$	(23,335)	$	(19,948)	$	(44,786)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share		72,872		76,232		73,374		76,838

Basic and diluted earnings per common share:⁽¹⁾
Net loss allocable to common shareholders	$	(0.27)	$	(0.31)	$	(0.27)	$	(0.58)

(1)

For the three and six months ended June 30, 2021, the effect of the Company’s restricted stock awards were anti-dilutive. For the three and six months ended June 30, 2021, 4,700,805 shares and 3,797,296 shares, respectively, of the 3.125% Convertible Notes (refer to Note 11) were anti-dilutive based upon the conversion price for such period. For the three and six months ended June 30, 2020, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes, and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.