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Earnings Per Share | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | 9. Earnings Per Share The following table provides a reconciliation of net (loss) 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, |  |
| 2024 |  |  | 2023 |  |
Numerators – Basic and Diluted |  |  |  |  |  |
Net (loss) income | $ | (23,552 | ) |  | $ | 15,302 |  |
Income attributable to non-controlling interests |  | — |  |  |  | (18 | ) |
Preferred dividends |  | (2,789 | ) |  |  | (2,789 | ) |
Earnings attributable to unvested shares and OP Units |  | (131 | ) |  |  | (107 | ) |
Net (loss) income attributable to common shareholders after allocation to participating securities | $ | (26,472 | ) |  | $ | 12,388 |  |
Denominators – Number of Shares |  |  |  |  |  |
Basic—Average shares outstanding |  | 209,419 |  |  |  | 209,971 |  |
Assumed conversion of dilutive securities—PRSUs |  | — |  |  |  | 436 |  |
Diluted—Average shares outstanding |  | 209,419 |  |  |  | 210,407 |  |
(Loss) Earnings Per Share: |  |  |  |  |  |
Basic | $ | (0.13 | ) |  | $ | 0.06 |  |
Diluted | $ | (0.13 | ) |  | $ | 0.06 |  |
For the three months ended March 31, 2024, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2024, March 2023 and March 2022 were antidilutive in the computation of diluted EPS due to the net loss. For the three months ended March 31, 2023, PRSUs issued to certain executives in March 2021 were considered in the computation of diluted EPS, and PRSUs issued in March 2023 and 2022 were not considered in the computation of diluted EPS, because they were antidilutive. In March 2024, the Company issued 178,527 common shares in settlement of PRSUs granted in 2021. Common Share Dividends The Company declared a quarterly cash dividend of $0.13 per common share for both the first quarter of 2024 and the first quarter of 2023.

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