Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share

The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company	$	(9,233)	$	(47,931)	$	(17,941)	$	(60,861)
Less: Dividends on preferred stock	(1,893)		(2,555)		(4,281)		(5,110)

Less: Loss on extinguishment of preferred stock - Series B	(4,411)		—		(4,484)		—





Undistributed net income (loss) allocated to common stockholders	(15,537)		(50,486)		(26,706)		(65,971)

Distributed and undistributed net income (loss) - basic and diluted	$	(15,537)	$	(50,486)	$	(26,706)	$	(65,971)








Weighted average common shares outstanding:
Weighted average common shares outstanding – basic and diluted	47,820		32,907		43,737		32,688






Income (loss) per share - basic:


Net income (loss) allocated to common stockholders per share	$	(0.32)	$	(1.53)	$	(0.61)	$	(2.02)
Income (loss) per share - diluted:


Net income (loss) allocated to common stockholders per share	$	(0.32)	$	(1.53)	$	(0.61)	$	(2.02)

Summary of Computation of Diluted Income Per Share

Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income (loss) allocated to common stockholders is not adjusted for:


Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$	(1,282)	$	(5,770)	$	(2,361)	$	(7,655)
Dividends on preferred stock - Series B	1,068		1,730		2,631		3,460

Loss on extinguishment of preferred stock - Series B	4,411		—		4,484		—
Interest expense on Convertible Senior Notes	649		—		649		—
Total	$	4,846	$	(4,040)	$	5,403	$	(4,195)
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted shares	129		—		106		38

Effect of assumed conversion of operating partnership units	4,059		3,845		4,033		3,979
Effect of assumed conversion of preferred stock - Series B	4,156		6,728		5,113		6,728
Effect of assumed conversion of exchanged preferred stock - Series B	905		236		728		298
Effect of assumed conversion of Convertible Senior Notes	6,580		—		3,290		—
Total	15,829		10,809		13,270		11,043