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Earnings Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | EARNINGS PER SHARE The Company uses the two-class method in its computation of earnings per share. The Company’s Class A common shares and Class B common shares are entitled to receive distributions at different rates, with each Class B common share receiving 0.03% of the distributions paid on each Class A common share. Under the two-class method, the Company’s net income available to common shareholders is allocated between the two classes of common shares on a fully-distributed basis and reflects residual net income after amounts attributed to noncontrolling interests. In the event of a net loss, the Company determined that both classes share in the Company’s losses, and they share in the losses using the same mechanism as the distributions. The Company also has restricted share awards that have a right to non-forfeitable dividends while unvested and are contemplated as participating when the Company is in a net income position. These awards participate in distributions on a basis equivalent to other Class A common shares but do not participate in losses. No distributions on common shares were declared for the three and nine months ended September 30, 2025 or 2024. Diluted income (loss) per share calculations for both Class A common shares and Class B common shares contemplate adjustments to the numerator and the denominator under the if-converted method for the convertible Class B common shares, the exchangeable Class A units of the San Francisco Venture and the exchangeable Class A Common Units of the Operating Company. The Company uses the treasury stock method or the two-class method when evaluating dilution for restricted stock units (“RSUs”), restricted shares, and performance restricted units and shares. The more dilutive of the two methods is included in the calculation for diluted income (loss) per share. The following table summarizes the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2025 and 2024 (in thousands, except shares and per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Numerator: |  |  |  |  |  |  |
Net income attributable to the Company | $ | 21,071 |  |  | $ | 4,756 |  |  | $ | 47,675 |  |  | $ | 21,804 |
Adjustments to net income attributable to the Company | — |  |  | — |  |  | 9 |  |  | (7) |
Net income attributable to common shareholders | $ | 21,071 |  |  | $ | 4,756 |  |  | $ | 47,684 |  |  | $ | 21,797 |
Numerator—basic common shares: |  |  |  |  |  |  |
Net income attributable to common shareholders | $ | 21,071 |  |  | $ | 4,756 |  |  | $ | 47,684 |  |  | $ | 21,797 |
Less: net income allocated to participating securities | 19 |  |  | 5 |  |  | 43 |  |  | 31 |
Allocation of basic net income among common shareholders | $ | 21,052 |  |  | $ | 4,751 |  |  | $ | 47,641 |  |  | $ | 21,766 |
Numerator for basic net income available to Class A common shareholders | $ | 21,045 |  |  | $ | 4,749 |  |  | $ | 47,625 |  |  | $ | 21,759 |
Numerator for basic net income available to Class B common shareholders | $ | 7 |  |  | $ | 2 |  |  | $ | 16 |  |  | $ | 7 |
Numerator—diluted common shares: |  |  |  |  |  |  |
Net income attributable to common shareholders | $ | 21,071 |  |  | $ | 4,756 |  |  | $ | 47,684 |  |  | $ | 21,797 |
Reallocation of income from dilutive potential securities | 21,495 |  |  | 5,109 |  |  | 48,813 |  |  | 23,480 |
Less: net income allocated to participating securities | 18 |  |  | 5 |  |  | 40 |  |  | 30 |
Allocation of diluted net income among common shareholders | $ | 42,548 |  |  | $ | 9,860 |  |  | $ | 96,457 |  |  | $ | 45,247 |
Numerator for diluted net income available to Class A common shareholders | $ | 42,541 |  |  | $ | 9,858 |  |  | $ | 96,441 |  |  | $ | 45,240 |
Numerator for diluted net income available to Class B common shareholders | $ | 7 |  |  | $ | 2 |  |  | $ | 16 |  |  | $ | 7 |
Denominator: |  |  |  |  |  |  |
Basic weighted average Class A common shares outstanding | 69,796,339 |  |  | 69,279,028 |  |  | 69,692,349 |  |  | 69,192,620 |
Diluted weighted average Class A common shares outstanding | 149,430,920 |  |  | 146,565,417 |  |  | 149,267,968 |  |  | 146,394,307 |
Basic and diluted weighted average Class B common shares outstanding | 79,233,544 |  |  | 79,233,544 |  |  | 79,233,544 |  |  | 79,233,544 |
Basic earnings per share: |  |  |  |  |  |  |
Class A common shares | $ | 0.30 |  |  | $ | 0.07 |  |  | $ | 0.68 |  |  | $ | 0.31 |
Class B common shares | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | 0.00 |
Diluted earnings per share: |  |  |  |  |  |  |
Class A common shares | $ | 0.28 |  |  | $ | 0.07 |  |  | $ | 0.65 |  |  | $ | 0.31 |
Class B common shares | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | 0.00 |  |  | $ | 0.00 |
Anti-dilutive potential RSUs | — |  |  | — |  |  | — |  |  | — |
Anti-dilutive potential Performance RSUs | 4,489,097 |  |  | 4,107,889 |  |  | 4,489,097 |  |  | 4,107,889 |
Anti-dilutive potential Restricted Shares (weighted average) | — |  |  | — |  |  | — |  |  | — |
Anti-dilutive potential Class A common shares from exchanges (weighted average) | 3,137,134 |  |  | 3,137,134 |  |  | 3,137,134 |  |  | 3,137,134 |

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