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Income (Loss) Per Share (Tables) | 6 Months Ended
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Jun. 30, 2022
Earnings Per Share [Abstract] |
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,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Net income (loss) attributable to common stockholders - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) attributable to the Company | $ | 14,366 |  |  | $ | (9,233) |  |  | $ | 29,029 |  |  | $ | (17,941) |  |  |
Less: Dividends on preferred stock | (4,064) |  |  | (1,893) |  |  | (7,367) |  |  | (4,281) |  |  |
Less: Dividends on common stock | (707) |  |  | — |  |  | (1,414) |  |  | — |  |  |
Less: Loss on extinguishment of preferred stock - Series B | — |  |  | (4,411) |  |  | — |  |  | (4,484) |  |  |
Less: Dividends on unvested performance stock units | (7) |  |  | — |  |  | (14) |  |  | — |  |  |
Less: Dividends on unvested restricted shares | (6) |  |  | — |  |  | (12) |  |  | — |  |  |
Less: Net (income) loss allocated to performance stock units | (95) |  |  | — |  |  | (207) |  |  | — |  |  |
Less: Net (income) loss allocated to unvested restricted shares | (74) |  |  | — |  |  | (161) |  |  | — |  |  |
Undistributed net income (loss) allocated to common stockholders | 9,413 |  |  | (15,537) |  |  | $ | 19,854 |  |  | $ | (26,706) |  |  |
Add back: Dividends on common stock | 707 |  |  | — |  |  | 1,414 |  |  | — |  |  |
Distributed and undistributed net income (loss) - basic | $ | 10,120 |  |  | $ | (15,537) |  |  | $ | 21,268 |  |  | $ | (26,706) |  |  |
Interest expense on Convertible Senior Notes | 1,108 |  |  | — |  |  | 2,211 |  |  | — |  |  |
Dividends on preferred stock - Series E | 2,053 |  |  | — |  |  | 3,452 |  |  | — |  |  |
Dividends on preferred stock - Series M | $ | 128 |  |  | $ | — |  |  | $ | 149 |  |  | $ | — |  |  |
Distributed and undistributed net income (loss) - diluted | $ | 13,409 |  |  | $ | (15,537) |  |  | $ | 27,080 |  |  | $ | (26,706) |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding – basic | 70,740 |  |  | 47,820 |  |  | 68,325 |  |  | 43,737 |  |  |
Effect of assumed exercise of warrants | — |  |  | — |  |  | 1 |  |  | — |  |  |
Effect of assumed conversion of Convertible Senior Notes | 13,610 |  |  | — |  |  | 13,610 |  |  | — |  |  |
Effect of assumed conversion of preferred stock - Series E | 22,207 |  |  | — |  |  | 16,232 |  |  | — |  |  |
Effect of assumed conversion of preferred stock - Series M | 1,112 |  |  | — |  |  | 630 |  |  | — |  |  |
Weighted average common shares outstanding – diluted | 107,669 |  |  | 47,820 |  |  | 98,798 |  |  | 43,737 |  |  |
Income (loss) per share - basic: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | 0.14 |  |  | $ | (0.32) |  |  | $ | 0.31 |  |  | $ | (0.61) |  |  |
Income (loss) per share - diluted: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | 0.12 |  |  | $ | (0.32) |  |  | $ | 0.27 |  |  | $ | (0.61) |  |  |
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,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Net income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |  |  |
Income (loss) allocated to unvested restricted shares | $ | 80 |  |  | $ | — |  |  | $ | 173 |  |  | $ | — |  |  |
Income (loss) allocated to unvested performance stock units | 102 |  |  | — |  |  | 221 |  |  | — |  |  |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership | 846 |  |  | (1,282) |  |  | 1,813 |  |  | (2,361) |  |  |
Dividends on preferred stock - Series B | 1,058 |  |  | 1,068 |  |  | 2,116 |  |  | 2,631 |  |  |
Loss on extinguishment of preferred stock - Series B | — |  |  | 4,411 |  |  | — |  |  | 4,484 |  |  |
Interest expense on Convertible Senior Notes | — |  |  | 649 |  |  | — |  |  | 649 |  |  |
Total | $ | 2,086 |  |  | $ | 4,846 |  |  | $ | 4,323 |  |  | $ | 5,403 |  |  |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |
Effect of unvested restricted shares | 34 |  |  | 129 |  |  | 25 |  |  | 106 |  |  |
Effect of unvested performance stock units | — |  |  | — |  |  | 1 |  |  | — |  |  |
Effect of assumed conversion of operating partnership units | 5,868 |  |  | 4,059 |  |  | 5,862 |  |  | 4,033 |  |  |
Effect of assumed conversion of preferred stock - Series B | 4,116 |  |  | 4,156 |  |  | 4,116 |  |  | 5,113 |  |  |
Effect of assumed conversion of exchanged preferred stock - Series B | — |  |  | 905 |  |  | — |  |  | 728 |  |  |
Effect of assumed conversion of Convertible Senior Notes | — |  |  | 6,580 |  |  | — |  |  | 3,290 |  |  |
Total | 10,018 |  |  | 15,829 |  |  | 10,004 |  |  | 13,270 |  |  |

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