Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
		2024		2023
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company		$	71,561	$	(60,922)
Less: dividends on preferred stock		(5,011)		(3,243)

Less: deemed dividends on redeemable preferred stock		(682)		(407)
Add: gain (loss) on extinguishment of preferred stock		1,573		—



Less: net (income) loss allocated to performance stock units		(347)		—




Distributed and undistributed income (loss) allocated to common stockholders - basic		$	67,094	$	(64,572)
Add back: dividends on preferred stock - Series J (inclusive of deemed dividends)		2,667		—
Add back: dividends on preferred stock - Series K (inclusive of deemed dividends)		147		—


Distributed and undistributed income (loss) allocated to common stockholders - diluted		$	69,908	$	(64,572)








Weighted average common shares outstanding:
Weighted average shares outstanding - basic		38,458		34,381
Effect of assumed conversion of preferred stock - Series J		74,047		—
Effect of assumed conversion of preferred stock - Series K		4,224		—


Weighted average shares outstanding - diluted		116,729		34,381

Basic income (loss) per share:


Net income (loss) allocated to common stockholders per share		$	1.74	$	(1.88)

Diluted income (loss) per share:


Net income (loss) allocated to common stockholders per share		$	0.60	$	(1.88)

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 March 31,
		2024		2023
Income (loss) allocated to common stockholders is not adjusted for:

Income (loss) allocated to unvested performance stock units		$	347	$	—
Income (loss) attributable to redeemable noncontrolling interests in operating partnership		853		(600)

Dividends on preferred stock - Series J (inclusive of deemed dividends)		—		513
Dividends on preferred stock - Series K (inclusive of deemed dividends)		—		34
Total		$	1,200	$	(53)

Weighted average diluted shares are not adjusted for:


Effect of assumed conversion of operating partnership units		500		335


Effect of assumed issuance of shares for term loan exit fee		—		1,745
Effect of assumed conversion of preferred stock - Series J		—		1,459
Effect of assumed conversion of preferred stock - Series K		—		62
Total		500		3,601