Income (Loss) Per Share

12 Months Ended

Dec. 31, 2021

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


	Year Ended December 31,
		2021		2020		2019
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company		$	(26,664)	$	(105,262)	$	371
Less: Dividends on preferred stock		(8,745)		(10,219)		(10,142)
Less: Dividends on common stock		—		—		(24,145)
Less: Loss on extinguishment of preferred stock - Series B		(4,595)		—		—
Less: Dividends on unvested performance stock units		—		—		(261)
Add: Claw back of dividends on cancelled performance stock units		143		202		—
Less: Dividends on unvested restricted shares		—		—		(405)


Undistributed net income (loss) allocated to common stockholders		(39,861)		(115,279)		(34,582)
Add back: Dividends on common stock		—		—		24,145
Distributed and undistributed net income (loss) - basic and diluted		$	(39,861)	$	(115,279)	$	(10,437)








Weighted average common shares outstanding:
Weighted average common shares outstanding – basic and diluted		52,684		33,998		32,289






Income (loss) per share - basic:


Net income (loss) allocated to common stockholders per share		$	(0.76)	$	(3.39)	$	(0.32)
Income (loss) per share - diluted:


Net income (loss) allocated to common stockholders per share		$	(0.76)	$	(3.39)	$	(0.32)

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):


	Year Ended December 31,
		2021		2020		2019
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested restricted shares		$	—	$	—	$	405
Income (loss) allocated to unvested performance stock units		—		—		261
Income (loss) attributable to redeemable noncontrolling interests in operating partnership		$	(3,597)	$	(12,979)	$	(1,207)
Dividends on preferred stock - Series B		4,747		6,919		6,842

Loss on extinguishment of preferred stock - Series B		4,595		—		—
Interest expense on Convertible Senior Notes		3,378		—		—
Dividends on preferred stock - Series E		683		—		—
Dividends on preferred stock - Series M		15		—		—
Total		$	9,821	$	(6,060)	$	6,301
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted shares		99		22		51
Effect of unvested performance stock units		—		—		193
Effect of assumed conversion of operating partnership units		4,980		3,923		4,219
Effect of assumed conversion of preferred stock - Series B		4,614		6,728		6,581
Effect of assumed conversion of exchanged preferred stock - Series B		364		—		—

Effect of assumed conversion of Convertible Senior Notes		8,450		—		—
Effect of assumed conversion of preferred stock - Series E		1,345		—		—
Effect of assumed conversion of preferred stock - Series M		32		—		—
Total		19,884		10,673		11,044