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Earnings Per Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | 12. 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, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Numerators – Basic and Diluted |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 66,213 |  |  | $ | 28,157 |  |  | $ | 140,577 |  |  | $ | 66,325 |
Income attributable to non-controlling interests |  | (18 | ) |  |  | (93 | ) |  |  | (55 | ) |  |  | (384 | )
Write-off of preferred share original issuance costs |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,156 | )
Preferred dividends |  | (2,789 | ) |  |  | (2,789 | ) |  |  | (8,367 | ) |  |  | (10,867 | )
Earnings attributable to unvested shares and OP units |  | (117 | ) |  |  | (150 | ) |  |  | (368 | ) |  |  | (450 | )
Net income attributable to common shareholders after allocation to participating securities | $ | 63,289 |  |  | $ | 25,125 |  |  | $ | 131,787 |  |  | $ | 49,468 |
Denominators – Number of Shares |  |  |  |  |  |  |  |  |  |  |
Basic—Average shares outstanding |  | 213,846 |  |  |  | 211,048 |  |  |  | 213,278 |  |  |  | 206,918 |
Assumed conversion of dilutive securities: |  |  |  |  |  |  |  |  |  |  |
PRSUs |  | 341 |  |  |  | 1,114 |  |  |  | 441 |  |  |  | 1,146 |
Forward equity |  | — |  |  |  | 29 |  |  |  | — |  |  |  | 10 |
OP units |  | 141 |  |  |  | — |  |  |  | 141 |  |  |  | — |
Diluted—Average shares outstanding |  | 214,328 |  |  |  | 212,191 |  |  |  | 213,860 |  |  |  | 208,074 |
Earnings Per Share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.30 |  |  | $ | 0.12 |  |  | $ | 0.62 |  |  | $ | 0.24 |
Diluted | $ | 0.30 |  |  | $ | 0.12 |  |  | $ | 0.62 |  |  | $ | 0.24 |
For the three and nine months ended September 30, 2022, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2020 were considered in the computation of diluted EPS and the PRSUs issued in March 2022 and March 2021 were not considered in computing diluted EPS because they were antidilutive. For the three and nine months ended September 30, 2021, PRSUs issued to certain executives in March 2021, March 2020 and March 2019 were considered in the computation of diluted EPS. The Company recorded a mark-to-market adjustment of $5.6 million as expense for the nine months ended September 30, 2021, in connection with the PRSUs granted in March 2018. In March 2022, the Company issued 519,255 common shares in settlement of certain PRSUs granted in 2019 and 2020. The agreements to offer and sell approximately 1.7 million common shares on a forward basis were considered in the computation of diluted EPS for the three and nine months ended September 30, 2021. These shares were settled in the first quarter of 2022 (Note 9).

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