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Earnings Per Share | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Earnings Per Share |
11. | Earnings Per Share
The following table provides a reconciliation of net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts).
| Three Months |  |  | Nine Months |
| Ended September 30, |  |  | Ended September 30, |
| 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Numerators – Basic and Diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 7,403 |  |  | $ | 23,901 |  |  | $ | 37,628 |  |  | $ | 77,533 |
Income attributable to non-controlling interests |  | (116 | ) |  |  | (271 | ) |  |  | (621 | ) |  |  | (836 | )
Preferred dividends |  | (5,133 | ) |  |  | (8,382 | ) |  |  | (15,399 | ) |  |  | (25,148 | )
Earnings attributable to unvested shares and operating partnership units |  | — |  |  |  | (174 | ) |  |  | (149 | ) |  |  | (520 | )
Net income attributable to common shareholders after allocation to participating securities | $ | 2,154 |  |  | $ | 15,074 |  |  | $ | 21,459 |  |  | $ | 51,029 |
Denominators – Number of Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic—Average shares outstanding |  | 193,203 |  |  |  | 180,567 |  |  |  | 193,366 |  |  |  | 180,555 |
Assumed conversion of diluted securities |  | 162 |  |  |  | 940 |  |  |  | — |  |  |  | 1,064 |
Diluted—Average shares outstanding |  | 193,365 |  |  |  | 181,507 |  |  |  | 193,366 |  |  |  | 181,619 |
Earnings Per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.01 |  |  | $ | 0.08 |  |  | $ | 0.11 |  |  | $ | 0.28 |
Diluted | $ | 0.01 |  |  | $ | 0.08 |  |  | $ | 0.11 |  |  | $ | 0.28 |
For the three and nine months ended September 30, 2020, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2020, March 2019 and March 2017 (not outstanding for the three months ended September 30, 2020) were anti-dilutive and not considered in the computation of EPS, as no share units would have been issued under the plan if the performance period would have ended on September 30, 2020. The PRSUs issued in March 2018 were considered in the computation of EPS for the three months ended September 30, 2020, but were anti-dilutive and not included in the computation of EPS for the nine months ended September 30, 2020. For the three and nine months ended September 30, 2019, the PRSUs issued in March 2019 and March 2018 were dilutive and considered in the computation of EPS and the PRSUs issued in March 2017 were anti-dilutive and not considered in the computation of diluted EPS. For the three and nine months ended September 30, 2020, the Company recorded a mark-to-market adjustment of $0.3 million as expense and $1.6 million as income, respectively, and for the three and nine months ended September 30, 2019, the Company recorded a mark-to-market adjustment of $1.4 million and $2.8 million, respectively, as expense in each case, primarily in connection with the PRSUs issued in March 2018. For the three months ended September 30, 2020, Operating Partnership Units (“OPs”) outstanding were dilutive and considered in the computation of EPS. OPs were anti-dilutive for the nine months ended September 30, 2020 and for the three and nine months ended September 30, 2019 and not considered in the computation of EPS. Stock Repurchase Program In 2018, the Company’s Board of Directors authorized a common share repurchase program. In the first nine months of 2020, the Company repurchased 0.8 million shares at a cost of $7.5 million. These shares are recorded as Treasury Shares on the Company’s consolidated balance sheet.

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