Earnings Per Share

12 Months Ended

Dec. 31, 2021

16.	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).

	For the Year Ended December 31,
	2021			2020			2019
Numerators – Basic and Diluted
Net income	$	125,416		$	36,590		$	101,825
Income attributable to non-controlling interests		(481	)		(869	)		(1,126	)
Write-off of preferred share original issuance costs		(5,156	)		—			(7,176	)
Preferred dividends		(13,656	)		(20,531	)		(32,231	)
Earnings attributable to unvested shares and OP Units		(572	)		(204	)		(687	)
Net income attributable to common shareholders after allocation to participating securities	$	105,551		$	14,986		$	60,605

Denominators – Number of Shares
Basic – Average shares outstanding		208,004			193,336			183,026
Assumed conversion of dilutive securities:
PRSUs		973			441			228
Forward equity		25			—			—
OP units		141			—			—
Diluted – Average shares outstanding		209,143			193,777			183,254
Earnings Per Share:
Basic	$	0.51		$	0.08		$	0.33
Diluted	$	0.51		$	0.08		$	0.33

Basic average shares outstanding do not include restricted shares totaling 0.9 million, 0.9 million and 0.7 million that were not vested at December 31, 2021, 2020 and 2019, respectively (Note 15).

The following potentially dilutive securities were considered in the calculation of EPS:

•

For the year ended December 31, 2021, PRSUs issued to certain executives in March 2021, March 2020 and March 2019 were considered in the computation of dilutive EPS. For the year ended December 31, 2020, PRSUs issued to certain executives in March 2020, March 2019 and March 2018 were considered in the computation of dilutive EPS. For the year ended December 31, 2019, the PRSUs issued in March 2019 and March 2018 were considered in the computation of dilutive EPS and the PRSUs issued in March 2017 were not considered in the computation of dilutive EPS, as the calculation was anti-dilutive.

•

The agreements to offer and sell shares on a forward basis for approximately 2.2 million common shares were considered in the computation of diluted EPS for the year ended December 31, 2021 (Note 12). These agreements were not outstanding in 2020 or 2019.

•

The exchange into common shares associated with OP Units was included in the computation of diluted EPS for the year ending December 31, 2021. The exchange into common shares associated with OP Units was not included in the computation of diluted EPS for December 31, 2020 and 2019, because the effect of assuming conversion was anti-dilutive (Note 12).

•

Options to purchase 0.3 million common shares were outstanding for each of the years ending December 31, 2021, 2020 and 2019 (Note 15). These outstanding options were not considered in the computation of diluted EPS, as the options were anti-dilutive.