Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
		2023		2022		2021
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company		$	(178,489)	$	(139,825)	$	(267,005)
Less: dividends on preferred stock		(15,921)		(12,433)		(252)

Less: deemed dividends on redeemable preferred stock		(2,673)		(946)		—
Add: Gain (loss) on extinguishment of preferred stock		3,390		—		(607)


Add: Claw back of dividends on cancelled performance stock units		—		—		349





Distributed and undistributed income (loss) allocated to common stockholders - basic		$	(193,693)	$	(153,204)	$	(267,515)


Net income (loss) attributable to redeemable noncontrolling interests in operating partnership		—		—		(3,970)
Distributed and undistributed income (loss) allocated to common stockholders - diluted		$	(193,693)	$	(153,204)	$	(271,485)








Weighted average common shares outstanding:
Weighted average common shares outstanding - basic		34,523		34,339		21,625

Effect of assumed conversion of operating partnership units		—		—		219

Weighted average shares outstanding - basic and diluted		34,523		34,339		21,844

Basic income (loss) per share:


Net income (loss) allocated to common stockholders per share		$	(5.61)	$	(4.46)	$	(12.37)

Diluted income (loss) per share:


Net income (loss) allocated to common stockholders per share		$	(5.61)	$	(4.46)	$	(12.43)

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):


	Year Ended December 31,
		2023		2022		2021
Income (loss) allocated to common stockholders is not adjusted for:


Income (loss) attributable to redeemable noncontrolling interests in operating partnership		$	(2,239)	$	(1,233)	$	—

Dividends on preferred stock - Series J (inclusive of deemed dividends)		6,014		944		—
Dividends on preferred stock - Series K (inclusive of deemed dividends)		317		21		—
Total		$	4,092	$	(268)	$	—

Weighted average diluted shares are not adjusted for:
Effect of unvested restricted stock		—		—		20
Effect of unvested performance stock units		—		—		9
Effect of assumed conversion of operating partnership units		416		288		—


Effect of assumed issuance of shares for term loan exit fee		1,745		1,745		1,672
Effect of assumed conversion of preferred stock - Series J		16,933		33		—
Effect of assumed conversion of preferred stock - Series K		934		1		—
Total		20,028		2,067		1,701