Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2022

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):


	Year Ended December 31,
		2022		2021		2020
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company		$	17,761	$	(26,664)	$	(105,262)
Less: Dividends on preferred stock		(21,503)		(8,745)		(10,219)
Less: Deemed dividends on preferred stock		(6,954)		—		—
Less: Dividends on common stock		(5,598)		—		—
Less: Loss on extinguishment of preferred stock - Series B		—		(4,595)		—
Less: Dividends on unvested performance stock units		(36)		—		—
Add: Claw back of dividends on cancelled performance stock units		7		143		202
Less: Dividends on unvested restricted shares		(38)		—		—


Undistributed net income (loss) allocated to common stockholders		$	(16,361)	$	(39,861)	(115,279)
Add back: Dividends on common stock		5,598		—		—
Distributed and undistributed net income (loss) - basic and diluted		$	(10,763)	$	(39,861)	$	(115,279)








Weighted average common shares outstanding:
Weighted average common shares outstanding – basic and diluted		69,687		52,684		33,998






Income (loss) per share - basic:


Net income (loss) allocated to common stockholders per share		$	(0.15)	$	(0.76)	$	(3.39)
Income (loss) per share - diluted:


Net income (loss) allocated to common stockholders per share		$	(0.15)	$	(0.76)	$	(3.39)

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):


	Year Ended December 31,
		2022		2021		2020
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested restricted shares		$	38	$	—	$	—
Income (loss) allocated to unvested performance stock units		30		—		—
Income (loss) attributable to redeemable noncontrolling interests in operating partnership		(476)		(3,597)		(12,979)
Dividends on preferred stock - Series B		4,233		4,747		6,919

Loss on extinguishment of preferred stock - Series B		—		4,595		—
Interest expense on Convertible Senior Notes		4,435		3,378		—
Dividends on preferred stock - Series E (inclusive of deemed dividends)		18,969		683		—
Dividends on preferred stock - Series M (inclusive of deemed dividends)		1,955		15		—
Total		$	29,184	$	9,821	$	(6,060)
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted shares		39		99		22
Effect of unvested performance stock units		—		—		—
Effect of assumed conversion of operating partnership units		5,907		4,980		3,923
Effect of assumed conversion of preferred stock - Series B		4,116		4,614		6,728
Effect of assumed conversion of exchanged preferred stock - Series B		—		364		—
Effect of contingently issuable shares		1		—		—
Effect of assumed conversion of Convertible Senior Notes		13,609		8,450		—
Effect of assumed conversion of preferred stock - Series E		34,730		1,345		—
Effect of assumed conversion of preferred stock - Series M		3,366		32		—
Total		61,768		19,884		10,673