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Earnings Per Share | 6 Months Ended
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Jun. 30, 2021
Earnings Per Share [Abstract] |
Earnings Per Share |
1 2. | Earnings Per Share
The following table provides a reconciliation of net income (loss) 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 |  |  | Six Months |
| Ended June 30, |  |  | Ended June 30, |
| 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Numerators – Basic and Diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 21,987 |  |  | $ | (4,403 | ) |  | $ | 38,168 |  |  | $ | 30,225 |
Income attributable to non-controlling interests |  | (118 | ) |  |  | (210 | ) |  |  | (291 | ) |  |  | (505 | )
Write-off of preferred share original issuance costs |  | (5,156 | ) |  |  | — |  |  |  | (5,156 | ) |  |  | — |
Preferred dividends |  | (2,945 | ) |  |  | (5,133 | ) |  |  | (8,078 | ) |  |  | (10,266 | )
Earnings attributable to unvested shares and OP units |  | (151 | ) |  |  | — |  |  |  | (299 | ) |  |  | (149 | )
Net income (loss) attributable to common shareholders after allocation to participating securities | $ | 13,617 |  |  | $ | (9,746 | ) |  | $ | 24,344 |  |  | $ | 19,305 |
Denominators – Number of Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic—Average shares outstanding |  | 211,035 |  |  |  | 193,170 |  |  |  | 204,819 |  |  |  | 193,448 |
Assumed conversion of dilutive securities |  | 846 |  |  |  | — |  |  |  | 808 |  |  |  | — |
Diluted—Average shares outstanding |  | 211,881 |  |  |  | 193,170 |  |  |  | 205,627 |  |  |  | 193,448 |
Earnings (Loss) Per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.06 |  |  | $ | (0.05 | ) |  | $ | 0.12 |  |  | $ | 0.10 |
Diluted | $ | 0.06 |  |  | $ | (0.05 | ) |  | $ | 0.12 |  |  | $ | 0.10 |
For the three and six months ended June 30, 2021, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2020 and March 2019 were considered in the computation of dilutive EPS. For the three and six months ended June 30, 2021, the PRSUs issued in March 2021 were anti-dilutive, and therefore, not considered in the computation of diluted EPS. For the three and six months ended June 30, 2020, the PRSUs issued in March 2020, March 2019 and March 2018 were anti-dilutive, and therefore, not considered in the computation of diluted EPS. In connection with the PRSUs granted in March 2018, the Company recorded a mark-to-market adjustment of $5.6 million as expense for the six months ended June 30, 2021 and recorded $0.3 million as expense and $1.9 million as income for the three and six months ended June 30, 2020, respectively. In March 2021, the Company issued 570,295 common shares in settlement of certain PRSUs granted in 2018 and 2020. The agreement to offer and sell shares on a forward basis entered into in June 2021 for approximately 1.0 million common shares was anti-dilutive, and therefore, these shares were not considered in the computation of diluted EPS for the three and six-month periods ended June 30, 2021 (Note 9). This agreement was not outstanding in 2020.

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