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Earnings Per Share | 3 Months Ended
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Mar. 31, 2022
Earnings Per Share [Abstract] |
Earnings Per Share |
9. | 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 |
| Ended March 31, |
| 2022 |  |  | 2021 |
Numerators – Basic and Diluted |  |  |  |  |  |  |
Net income | $ | 13,955 |  |  | $ | 16,181 |
Income attributable to non-controlling interests |  | (18 | ) |  |  | (173 | )
Preferred dividends |  | (2,789 | ) |  |  | (5,133 | )
Earnings attributable to unvested shares and OP units |  | (126 | ) |  |  | (115 | )
Net income attributable to common shareholders after allocation to participating securities | $ | 11,022 |  |  | $ | 10,760 |
Denominators – Number of Shares |  |  |  |  |  |  |
Basic—Average shares outstanding |  | 212,103 |  |  |  | 198,534 |
Assumed conversion of dilutive securities: |  |  |  |  |  |  |
PRSUs |  | 1,100 |  |  |  | 911 |
Diluted—Average shares outstanding |  | 213,203 |  |  |  | 199,445 |
Earnings Per Share: |  |  |  |  |  |  |
Basic | $ | 0.05 |  |  | $ | 0.05 |
Diluted | $ | 0.05 |  |  | $ | 0.05 |
For the three months ended March 31, 2022, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2022, March 2021, March 2020 and March 2019 were considered in the computation of dilutive EPS. For the three months ended March 31, 2021, PRSUs issued to certain executives in March 2021, March 2020, March 2019 and March 2018 were considered in the computation of diluted EPS. The Company recorded a mark-to-market adjustment of $5.6 million as expense for the three months ended March 31, 2021, in connection with the PRSUs granted in March 2018. In March 202 2, the Company issued 519,255 common shares in settlement of certain PRSUs granted in 201 9 and 2020. The 2021 forward equity agreements aggregating 2.2 million common shares were not considered in the computation of diluted EPS prior to settlement for the three-month period ended March 31, 2022 (Note 8). These agreements were not outstanding in the first quarter of 2021.

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