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Earnings (Loss) Per Share of Common Stock | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share of Common Stock | 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 six months ended June 30, 2025 and 2024. 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 these would be anti-dilutive. Net income (loss) figures are presented net of non-controlling interests in the income (loss) per share calculation. We computed basic earnings (loss) per share for the three and six months ended June 30, 2025 and 2024 using the weighted average number of shares outstanding during the respective periods. The diluted earnings per share for the three and six months ended June 30, 2025 and 2024 would reflect 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 June 30, |  | For the six months ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Calculation of basic and diluted earnings per share of common stock: |  |  |  |  |  |  |  |
Net income (loss) available (attributable) to common stockholders |  | $ | 1,456 |  |  | $ | (1,614) |  |  | $ | 3,374 |  |  | $ | (1,313) |
Denominator for basic and diluted weighted average shares of common stock (1) (2) |  | 46,219,663 |  |  | 40,311,476 |  |  | 45,417,792 |  |  | 40,157,479 |
Basic and diluted earnings (loss) per share of common stock |  | $ | 0.03 |  |  | $ | (0.04) |  |  | $ | 0.07 |  |  | $ | (0.03) |
(1)The weighted average number of OP Units held by Non-controlling OP Unitholders was 39,474 for both the three and six months ended June 30, 2025 and 241,637 and 276,140 for the three and six months ended June 30, 2024, respectively. (2)We excluded convertible shares of Senior Common Stock of 328,559 and 342,247 from the calculation of diluted earnings (loss) per share for the three and six months ended June 30, 2025 and 2024, respectively, because these shares were anti-dilutive.

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