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Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS

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