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Income (Loss) Per Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Income (Loss) Per Share | Income (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 September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Net income (loss) attributable to common stockholders - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) attributable to the Company | $ | (8,040) |  |  | $ | (6,946) |  |  | $ | 20,989 |  |  | $ | (24,887) |  |  |
Less: Dividends on preferred stock | (6,028) |  |  | (1,977) |  |  | (13,395) |  |  | (6,258) |  |  |
Less: Dividends on common stock | (710) |  |  | — |  |  | (2,124) |  |  | — |  |  |
Less: Loss on extinguishment of preferred stock - Series B | — |  |  | (111) |  |  | — |  |  | (4,595) |  |  |
Less: Dividends on unvested performance stock units | (5) |  |  | — |  |  | (19) |  |  | — |  |  |
Less: Dividends on unvested restricted shares | (4) |  |  | — |  |  | (16) |  |  | — |  |  |
Less: Net (income) loss allocated to performance stock units | — |  |  | — |  |  | (43) |  |  | — |  |  |
Less: Net (income) loss allocated to unvested restricted shares | — |  |  | — |  |  | (49) |  |  | — |  |  |
Undistributed net income (loss) allocated to common stockholders | $ | (14,787) |  |  | $ | (9,034) |  |  | $ | 5,343 |  |  | $ | (35,740) |  |  |
Add back: Dividends on common stock | 710 |  |  | — |  |  | 2,124 |  |  | — |  |  |
Distributed and undistributed net income (loss) - basic and diluted | $ | (14,077) |  |  | $ | (9,034) |  |  | $ | 7,467 |  |  | $ | (35,740) |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding – basic | 70,956 |  |  | 59,207 |  |  | 69,213 |  |  | 48,954 |  |  |
Effect of assumed exercise of warrants | — |  |  | — |  |  | 1 |  |  | — |  |  |
Weighted average common shares outstanding – diluted | 70,956 |  |  | 59,207 |  |  | 69,214 |  |  | 48,954 |  |  |
Income (loss) per share - basic: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (0.20) |  |  | $ | (0.15) |  |  | $ | 0.11 |  |  | $ | (0.73) |  |  |
Income (loss) per share - diluted: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (0.20) |  |  | $ | (0.15) |  |  | $ | 0.11 |  |  | $ | (0.73) |  |  |
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 September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Net income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |  |  |
Income (loss) allocated to unvested restricted shares | $ | 4 |  |  | $ | — |  |  | $ | 65 |  |  | $ | — |  |  |
Income (loss) allocated to unvested performance stock units | 5 |  |  | — |  |  | 62 |  |  | — |  |  |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership | (1,166) |  |  | (823) |  |  | 647 |  |  | (3,184) |  |  |
Dividends on preferred stock - Series B | 1,059 |  |  | 1,058 |  |  | 3,175 |  |  | 3,689 |  |  |
Loss on extinguishment of preferred stock - Series B | — |  |  | 111 |  |  | — |  |  | 4,595 |  |  |
Interest expense on Convertible Senior Notes | 1,111 |  |  | 1,361 |  |  | 3,322 |  |  | 2,010 |  |  |
Dividends on preferred stock - Series E | 3,697 |  |  | 90 |  |  | 7,149 |  |  | 90 |  |  |
Dividends on preferred stock - Series M | 447 |  |  | 4 |  |  | 596 |  |  | 4 |  |  |
Total | $ | 5,157 |  |  | $ | 1,801 |  |  | $ | 15,016 |  |  | $ | 7,204 |  |  |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |
Effect of unvested restricted shares | 47 |  |  | 89 |  |  | 33 |  |  | 100 |  |  |
Effect of assumed conversion of operating partnership units | 5,956 |  |  | 5,564 |  |  | 5,893 |  |  | 4,543 |  |  |
Effect of assumed conversion of preferred stock - Series B | 4,116 |  |  | 4,115 |  |  | 4,116 |  |  | 4,781 |  |  |
Effect of assumed conversion of exchanged preferred stock - Series B | — |  |  | — |  |  | — |  |  | 485 |  |  |
Effect of assumed conversion of Convertible Senior Notes | 13,609 |  |  | 13,609 |  |  | 13,609 |  |  | 6,730 |  |  |
Effect of assumed conversion of preferred stock - Series E | 41,008 |  |  | 700 |  |  | 24,491 |  |  | 233 |  |  |
Effect of assumed conversion of preferred stock - Series M | 4,563 |  |  | 32 |  |  | 1,941 |  |  | 11 |  |  |
Total | 69,299 |  |  | 24,109 |  |  | 50,083 |  |  | 16,883 |  |  |

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