Earnings Per Share

9 Months Ended

Sep. 30, 2025

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