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Stock-Based Compensation and Equity
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Stock-Based Compensation and Equity Stock-Based Compensation and Equity
Stock-Based Compensation

We maintain a stock-based compensation plan, which is more fully described in the 2023 Annual Report. The total compensation expense for awards issued under this plan was less than $0.1 million for the three months ended March 31, 2024, which was included in General and administrative expense in the consolidated financial statements.
Restricted and Conditional Awards

As of both March 31, 2024 and December 31, 2023, we had 28,653 shares of nonvested restricted stock units (“RSUs”) with a weighted-average grant date fair value of $10.47. The grant date fair value of RSUs reflect our share price on the date of grant on a one-for-one basis. At March 31, 2024, total unrecognized compensation expense related to these awards was approximately $0.2 million, with an aggregate weighted-average remaining term of 0.6 years.
Equity

Common Shares

During the fourth quarter of 2023, our Board of Trustees declared a dividend of $0.34 per share, which was paid on January 29, 2024 to shareholders of record as of December 18, 2023. Shareholders had the option to elect to receive their dividend in the form of cash or additional NLOP shares, with the aggregate amount of cash distributed by NLOP limited to a maximum of 20% of the total dividend. The total number of shares issued in the share dividend was 164,199 shares. Cash paid in connection with the share dividend totaled $1.1 million, which includes cash paid in lieu of fractional shares.

Earnings Per Share

The following table summarizes basic and diluted earnings (dollars in thousands):
 Three Months Ended March 31,
 20242023
Net (loss) income — basic and diluted$(27,842)$3,743 
Weighted-average shares outstanding – basic and diluted14,785,118 14,620,919 
 
For the three months ended March 31, 2024, we recognized net loss. Therefore, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share. For the three months ended March 31, 2023, there were no potentially dilutive securities excluded from the computation of diluted earnings per share.

Reclassifications Out of Accumulated Other Comprehensive Loss

The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):
Three Months Ended March 31, 2024
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Beginning balance$(1,191)$(34,409)$(35,600)
Other comprehensive loss before reclassifications(3)(2,230)(2,233)
Amounts reclassified from accumulated other comprehensive loss to:
Interest expense215 — 215 
Total215 — 215 
Net current period other comprehensive loss212 (2,230)(2,018)
Ending balance$(979)$(36,639)$(37,618)
Three Months Ended March 31, 2023
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Beginning balance$— $(42,464)$(42,464)
Net current period other comprehensive income— 131 131 
Ending balance$— $(42,333)$(42,333)
See Note 8 for additional information on our derivatives activity recognized within Other comprehensive (loss) income for the periods presented.