Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2025

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,
		2025		2024
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company		$	(19,971)	$	71,561
Less: dividends on preferred stock		(6,729)		(5,011)

Less: deemed dividends on redeemable preferred stock		(1,057)		(682)
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		$	(27,757)	$	67,094
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 - basic and diluted		$	(27,757)	$	69,908








Weighted average common shares outstanding:
Weighted average shares outstanding - basic and diluted		5,651		3,846
Effect of assumed conversion of preferred stock - Series J		—		7,405
Effect of assumed conversion of preferred stock - Series K		—		422


Weighted average shares outstanding - diluted		5,651		11,673

Basic income (loss) per share:


Net income (loss) allocated to common stockholders per share		$	(4.91)	$	17.45

Diluted income (loss) per share:


Net income (loss) allocated to common stockholders per share		$	(4.91)	$	5.99

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,
		2025		2024
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		(451)		853

Dividends on preferred stock - Series J (inclusive of deemed dividends)		4,600		—
Dividends on preferred stock - Series K (inclusive of deemed dividends)		471		—
Total		$	4,620	$	1,200

Weighted average diluted shares are not adjusted for:


Effect of assumed conversion of operating partnership units		92		50



Effect of assumed conversion of preferred stock - Series J		24,858		—
Effect of assumed conversion of preferred stock - Series K		2,247		—
Total		27,197		50