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EARNINGS PER SHARE AND EQUITY
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE AND EQUITY
16. EARNINGS PER SHARE AND EQUITY
Basic loss per share of common stock (“LPS”) is calculated by dividing net loss attributable to stockholders by the weighted average number of common stock outstanding, plus any participating securities. Diluted LPS is calculated by dividing net loss attributable to stockholders by the weighted average number of common stock outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.
The calculation of basic and diluted LPS is presented below:
Three Months Ended March 31,
(in thousands, except per share data)20242023
Net loss$(50,297)$(35,912)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries(10,690)(9,893)
Less: Dividends and accretion of redeemable preferred stock
16,975 14,570 
Net loss attributable to stockholders
$(56,582)$(40,589)
Weighted Average Common Stock Outstanding - Basic (1)
104,189,287 102,787,640 
Weighted Average Common Stock Outstanding - Diluted (1)
104,189,287 102,787,640 
Loss per share:
Basic$(0.54)$(0.39)
Diluted (2)
$(0.54)$(0.40)
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(1) Three months ended March 31, 2024 includes penny warrants which can be converted into a fixed amount of our stock.
(2) Diluted LPS for the three months ended March 31, 2024 includes the dilutive effect of subsidiary earnings per share.
For the three months ended March 31, 2024 and 2023, 7,196,869 and 1,647,839 shares of common stock, respectively, have been excluded from the calculation of Diluted LPS because the impact would be anti-dilutive.
Common Stock Warrants
A summary of the status of the Company’s outstanding stock warrants and changes during the three months ended March 31, 2024 is as follows:
Number of WarrantsWeighted Average Exercise Price
Outstanding as of December 31, 2023
6,685,132 $4.93 
Issued— — 
Expired— — 
Exercised— — 
Outstanding as of March 31, 2024 (1)
6,685,132 $4.93 
Warrants exercisable as of March 31, 2024 (1)
6,685,132 $4.93 
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(1) Weighted average exercise price as of March 31, 2024 includes adjustments for quarterly dividend payments.
The weighted average remaining contractual term of the outstanding warrants as of March 31, 2024 is 6.3 years. The aggregate intrinsic value of the warrants as of March 31, 2024 is $21.0 million.