Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share

The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per-share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company	$	(24,608)	$	(6,170)	$	(85,530)	$	(61,600)
Less: dividends on preferred stock	(3,752)		(3,104)		(6,995)		(6,207)

Less: deemed dividends on redeemable preferred stock	(826)		—		(1,233)		—









Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted	$	(29,186)	$	(9,274)	$	(93,758)	$	(67,807)












Weighted average common shares outstanding:




Weighted average shares outstanding - basic and diluted	34,429		34,330		34,385		34,300

Basic income (loss) per share:


Net income (loss) allocated to common stockholders per share	$	(0.85)	$	(0.27)	$	(2.73)	$	(1.98)

Diluted income (loss) per share:


Net income (loss) allocated to common stockholders per share	$	(0.85)	$	(0.27)	$	(2.73)	$	(1.98)

Summary of Computation of Diluted Income Per Share

Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Income (loss) allocated to common stockholders is not adjusted for:


Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$	(349)	$	(76)	$	(949)	$	(448)

Dividends on preferred stock - Series J (inclusive of deemed dividends)	1,420		—		1,933		—
Dividends on preferred stock - Series K (inclusive of deemed dividends)	54		—		88		—
Total	$	1,125	$	(76)	$	1,072	$	(448)

Weighted average diluted shares are not adjusted for:


Effect of assumed conversion of operating partnership units	400		281		367		258


Effect of assumed issuance of shares for term loan exit fee	1,745		1,745		1,745		1,745
Effect of assumed conversion of preferred stock - Series J	6,764		—		4,111		—
Effect of assumed conversion of preferred stock - Series K	344		—		203		—
Total	9,253		2,026		6,426		2,003