Earnings Per Share

6 Months Ended

Jun. 30, 2023

The two-class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. The LTIP units held by the non-controlling interest holders, which may be converted to common shares, have been excluded from the denominator of the diluted earnings per common share calculation as there would be no effect on the amounts since limited partners' share of income or loss would also be added back to net income or loss. Unvested restricted shares, unvested long-term incentive plan units and unvested Class A Performance LTIP units that could potentially dilute basic earnings per common share in the future would not be included in the computation of diluted loss per common share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. For the six months ended June 30, 2023 and 2022, the Company excluded zero and 210,938, respectively, of unvested shares and units as their effect would have been anti-dilutive.

The following is a reconciliation of the amounts used in calculating basic and diluted net income per common share (in thousands, except share and per share data):


	For the three months ended				For the six months ended
	June 30,				June 30,
	2023		2022		2023		2022
Numerator:
Net income (loss) attributable to common shareholders	$	7,157	$	7,164	$	321	$	(4,269)
Dividends on unvested shares and units	(28)		—		(55)		—

Net income (loss) attributable to common shareholders	$	7,129	$	7,164	$	266	$	(4,269)
Denominator:
Weighted average number of common shares - basic	48,846,913		48,795,348		48,842,850		48,791,455

Unvested shares and units	115,929		221,836		122,058		—
Weighted average number of common shares - diluted	48,962,842		49,017,184		48,964,908		48,791,455
Basic income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average basic common share	$	0.15	$	0.15	$	0.01	$	(0.09)
Diluted income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average diluted common share	$	0.15	$	0.15	$	0.01	$	(0.09)