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Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Income (Loss) Per Share Income (Loss) Per Share
Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income 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 September 30,Nine Months Ended September 30,
2024202320242023
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company$(57,905)$(63,562)$63,910 $(149,092)
Less: dividends on preferred stock(5,900)(4,295)(16,379)(11,290)
Less: deemed dividends on redeemable preferred stock(902)(760)(2,253)(1,993)
Add: gain (loss) on extinguishment of preferred stock
1,556 — 3,340 — 
Less: net (income) loss allocated to performance stock units
— — (219)— 
Distributed and undistributed income (loss) allocated to common stockholders - basic
$(63,151)$(68,617)$48,399 $(162,375)
Add back: dividends on preferred stock - Series J (inclusive of deemed dividends)
— — 9,403 — 
Add back: dividends on preferred stock - Series K (inclusive of deemed dividends)
— — 796 — 
Distributed and undistributed income (loss) allocated to common stockholders - diluted$(63,151)$(68,617)$58,598 $(162,375)
Weighted average common shares outstanding:
Weighted average shares outstanding - basic
5,096 3,446 4,425 3,440 
Effect of assumed conversion of preferred stock - Series J— — 13,431 — 
Effect of assumed conversion of preferred stock - Series K— — 912 — 
Weighted average shares outstanding - diluted
5,096 3,446 18,768 3,440 
Basic income (loss) per share:
Net income (loss) allocated to common stockholders per share$(12.39)$(19.91)$10.94 $(47.21)
Diluted income (loss) per share:
Net income (loss) allocated to common stockholders per share$(12.39)$(19.91)$3.12 $(47.21)
Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested performance stock units$— $— $219 $— 
Income (loss) attributable to redeemable noncontrolling interests in operating partnership(746)(889)672 (1,838)
Dividends on preferred stock - Series J (inclusive of deemed dividends)3,710 1,843 — 3,776 
Dividends on preferred stock - Series K (inclusive of deemed dividends)375 108 — 196 
Total$3,339 $1,062 $891 $2,134 
Weighted average diluted shares are not adjusted for:
Effect of assumed conversion of operating partnership units60 45 55 39 
Effect of assumed issuance of shares for term loan exit fee— 175 — 175 
Effect of assumed conversion of preferred stock - Series J19,178 2,171 — 998 
Effect of assumed conversion of preferred stock - Series K1,410 113 — 51 
Total20,648 2,504 55 1,263