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Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities, if applicable, to calculate EPS when an entity’s capital structure includes either two or more classes of common stock or common stock and participating securities.

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


	For the Years Ended December 31,
	2021		2020		2019
Net income (loss) from continuing operations	$	16,574	$	(116,308)	$	(155,575)
Net loss (income) from continuing operations attributable to noncontrolling interests		75		(337)		447
Preferred dividends		(23,496)		(23,496)		(32,495)
Net loss from continuing operations and allocable to common shareholders for basic and diluted earnings per common share	$	(6,847)	$	(140,141)	$	(187,623)


	For the Years Ended December 31,
	2021		2020		2019
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net loss from continuing operations and allocable to common shareholders	$	(6,847)	$	(140,141)	$	(187,623)
Net income from discontinued operations		121,452		85,455		489,900
Net (income) from discontinued operations attributable to noncontrolling interests		(5,620)		(11,251)		(10,730)
Net income (loss) allocable to common shareholders	$	108,985	$	(65,937)	$	291,547

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share		71,831		75,684		64,696

Basic and diluted earnings per common share:⁽¹⁾
Net loss from continuing operations and allocable to common shareholders	$	(0.10)	$	(1.85)	$	(2.90)
Net income from discontinued operations and allocable to common shareholders		1.61		0.98		7.41
Net income (loss) allocable to common shareholders	$	1.51	$	(0.87)	$	4.51

(1)

For the year ended December 31, 2021, 2020 and 2019, the effect of certain of the Company’s restricted stock awards were anti-dilutive due to the Company having a net loss from continuing operations and allocable to common shareholders for the period. For the year ended December 31, 2021, 6,441,572 shares of the 3.125% Convertible Notes were anti-dilutive due to the Company having a net loss from continuing operations and allocable to common shareholders for the period. For the years ended December 31, 2020 and 2019, 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.