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Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 12—Earnings Per Share

Earnings per share (“EPS”) is calculated by dividing net income attributable to common shareholders by the weighted average number of shares outstanding for the period. The following tables present a reconciliation of net income used in the basic and diluted EPS calculations ($ and shares in thousands, except for per share data):


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2023			2022			2023			2022
Net income (loss)		$	(122,846)		$	75,391		$	(96,019)		$	123,009
Net (income) attributable to noncontrolling interests			(123)			(9,314)			(138)			(9,381)
Net income (loss) attributable to Safehold Inc. common shareholders for basic and diluted earnings per common share		$	(122,969)		$	66,077		$	(96,157)		$	113,628


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2023			2022			2023			2022
Earnings attributable to common shares:
Numerator for basic and diluted earnings per share:
Net income (loss) attributable to Safehold Inc. common shareholders - basic		$	(122,969)		$	66,077		$	(96,157)		$	113,628
Net income (loss) attributable to Safehold Inc. common shareholders - diluted		$	(122,969)		$	66,077		$	(96,157)		$	113,628

Denominator for basic and diluted earnings per share:⁽¹⁾
Weighted average common shares outstanding for basic earnings per common share			67,979			63,393			65,214			61,991
Weighted average common shares outstanding for diluted earnings per common share			67,979			63,393			65,214			61,991

Basic and diluted earnings per common share:⁽¹⁾
Net income (loss) attributable to Safehold Inc. common shareholders - basic		$	(1.81)		$	1.04		$	(1.47)		$	1.83
Net income (loss) attributable to Safehold Inc. common shareholders - diluted		$	(1.81)		$	1.04		$	(1.47)		$	1.83

(1)

For the three and nine months ended September 30, 2023, the effect of certain of the Company’s restricted stock awards were antidilutive due to the Company having a net loss for the period. For the three and nine months ended September 30, 2022, weighted average shares outstanding and earnings per share have been recast in accordance with ASC 805 to reflect the exchange ratio used in the reverse acquisition.