XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.21.2

Earnings Per Share | 9 Months Ended
--- | ---
Sep. 30, 2021
Earnings Per Share [Abstract] |
Earnings Per Share |
1 2. | 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, |
| 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Numerators – Basic and Diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 28,157 |  |  | $ | 7,403 |  |  | $ | 66,325 |  |  | $ | 37,628 |
Income attributable to non-controlling interests |  | (93 | ) |  |  | (116 | ) |  |  | (384 | ) |  |  | (621 | )
Write-off of preferred share original issuance costs |  | — |  |  |  | — |  |  |  | (5,156 | ) |  |  | — |
Preferred dividends |  | (2,789 | ) |  |  | (5,133 | ) |  |  | (10,867 | ) |  |  | (15,399 | )
Earnings attributable to unvested shares and OP units |  | (150 | ) |  |  | — |  |  |  | (450 | ) |  |  | (149 | )
Net income attributable to common shareholders after allocation to participating securities | $ | 25,125 |  |  | $ | 2,154 |  |  | $ | 49,468 |  |  | $ | 21,459 |
Denominators – Number of Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic—Average shares outstanding |  | 211,048 |  |  |  | 193,203 |  |  |  | 206,918 |  |  |  | 193,366 |
Assumed conversion of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PRSUs |  | 1,114 |  |  |  | 162 |  |  |  | 1,146 |  |  |  | — |
Forward equity |  | 29 |  |  |  | — |  |  |  | 10 |  |  |  | — |
Diluted—Average shares outstanding |  | 212,191 |  |  |  | 193,365 |  |  |  | 208,074 |  |  |  | 193,366 |
Earnings Per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.12 |  |  | $ | 0.01 |  |  | $ | 0.24 |  |  | $ | 0.11 |
Diluted | $ | 0.12 |  |  | $ | 0.01 |  |  | $ | 0.24 |  |  | $ | 0.11 |
For the three and nine months ended September 30, 2021, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2021, March 2020 and March 2019 were considered in the computation of dilutive EPS. For the three and nine months ended September 30, 2020, 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. 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 nine months ended September 30, 2021 and recorded $0.3 million as expense and $1.6 million as income for the three and nine months ended September 30, 2020, respectively. In March 2021, the Company issued 570,295 common shares in settlement of certain PRSUs granted in 2018 and 2020. The agreements to offer and sell shares on a forward basis for approximately 1.7 million common shares were considered in the computation of diluted EPS for the three and nine-month periods ended September 30, 2021 (Note 9). This agreement was not outstanding in 2020.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration