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Earnings (Loss) Per Share of Common Stock (Tables) | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Schedule of Basic and Diluted Earnings (Loss) Per Share of Common Stock | The following tables set forth the computation of basic and diluted earnings (loss) per share of common stock for the three and nine months ended September 30, 2024 and 2023. The operating partnership units in the Operating Partnership (“OP Units”) held by holders who do not control the Operating Partnership (“Non-controlling OP Unitholders”) (which may be redeemed for shares of common stock) have been excluded from the diluted earnings (loss) per share calculations, as there would be no effect on the amounts since the Non-controlling OP Unitholders’ share of income (loss) would also be added back to net income (loss). Net income (loss) figures are presented net of such non-controlling interests in the income (loss) per share calculation. We computed basic earnings (loss) per share for the three and nine months ended September 30, 2024 and 2023 using the weighted average number of shares outstanding during the respective periods. Diluted earnings (loss) per share for the three and nine months ended September 30, 2024 and 2023 reflects additional shares of common stock related to our convertible senior common stock (the “Senior Common Stock”), if the effect of conversion would be dilutive, that would have been outstanding if such dilutive potential shares of common stock had been issued, as well as an adjustment to net income (loss) available (attributable) to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts).
|  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Calculation of basic earnings (loss) per share of common stock: |  |  |  |  |  |  |  |
Net income (loss) available (attributable) to common stockholders |  | $ | 8,467 |  |  | $ | (1,419) |  |  | $ | 7,153 |  |  | $ | (9,063) |
Denominator for basic weighted average shares of common stock (1) |  | 42,790,685 |  |  | 39,917,995 |  |  | 41,041,621 |  |  | 39,939,660 |
Basic earnings (loss) per share of common stock |  | $ | 0.20 |  |  | $ | (0.04) |  |  | $ | 0.17 |  |  | $ | (0.23) |
Calculation of diluted earnings (loss) per share of common stock: |  |  |  |  |  |  |  |
Net income (loss) available (attributable) to common stockholders |  | $ | 8,467 |  |  | $ | (1,419) |  |  | $ | 7,153 |  |  | $ | (9,063) |
Net income (loss) available (attributable) to common stockholders plus assumed conversions (2) |  | $ | 8,467 |  |  | $ | (1,419) |  |  | $ | 7,153 |  |  | $ | (9,063) |
Denominator for basic weighted average shares of common stock (1) |  | 42,790,685 |  |  | 39,917,995 |  |  | 41,041,621 |  |  | 39,939,660 |
Effect of convertible Senior Common Stock (2) |  | — |  |  | — |  |  | — |  |  | — |
Denominator for diluted weighted average shares of common stock (2) |  | 42,790,685 |  |  | 39,917,995 |  |  | 41,041,621 |  |  | 39,939,660 |
Diluted earnings (loss) per share of common stock |  | $ | 0.20 |  |  | $ | (0.04) |  |  | $ | 0.17 |  |  | $ | (0.23) |
(1)The weighted average number of OP Units held by Non-controlling OP Unitholders was 39,474 and 196,675 for the three and nine months ended September 30, 2024, respectively, and 391,468 and 391,468 for the three and nine months ended September 30, 2023, respectively. (2)We excluded convertible shares of Senior Common Stock of 339,299 and 345,132 from the calculation of diluted earnings per share for the three and nine months ended September 30, 2024 and 2023, respectively, because they were anti-dilutive.

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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