Earnings Per Share

3 Months Ended

Mar. 31, 2024

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 three months ended March 31, 2024 and 2023, the Company excluded 335,621 and 128,812, 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
	March 31,
	2024		2023
Numerator:
Net loss attributable to common shareholders	$	(7,212)	$	(6,836)
Dividends on unvested shares and units	(32)		(28)

Net loss attributable to common shareholders excluding amounts attributable to unvested shares and units	$	(7,244)	$	(6,864)
Denominator:
Weighted average number of common shares - basic	48,891,994		48,838,742

Unvested shares and units	—		—
Weighted average number of common shares - diluted	48,891,994		48,838,742
Basic loss per common share:
Net loss attributable to common shareholders per weighted average basic common share	$	(0.15)	$	(0.14)
Diluted loss per common share:
Net loss attributable to common shareholders per weighted average diluted common share	$	(0.15)	$	(0.14)