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Income (Loss) Per Share | 3 Months Ended
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Mar. 31, 2023
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 March 31,
|  |  |  |  | 2023 |  | 2022 |  |
Net income (loss) attributable to common stockholders - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) attributable to the Company |  |  |  |  | $ | 16,034 |  |  | $ | 14,663 |  |  |
Less: dividends on preferred stock |  |  |  |  | (10,350) |  |  | (3,303) |  |  |
Less: deemed dividends on preferred stock |  |  |  |  | (2,454) |  |  | — |  |  |
Less: dividends on common stock |  |  |  |  | (3,289) |  |  | (707) |  |  |
Less: dividends on unvested performance stock units |  |  |  |  | (36) |  |  | (7) |  |  |
Less: dividends on unvested restricted shares |  |  |  |  | (9) |  |  | (6) |  |  |
Less: net (income) loss allocated to performance stock units |  |  |  |  | — |  |  | (112) |  |  |
Less: net (income) loss allocated to unvested restricted shares |  |  |  |  | — |  |  | (89) |  |  |
Undistributed net income (loss) allocated to common stockholders |  |  |  |  | (104) |  |  | 10,439 |  |  |
Add back: dividends on common stock |  |  |  |  | 3,289 |  |  | 707 |  |  |
Distributed and undistributed net income (loss) - basic |  |  |  |  | $ | 3,185 |  |  | $ | 11,146 |  |  |
Interest expense on Convertible Senior Notes |  |  |  |  | — |  |  | 1,103 |  |  |
Income (loss) attributable to redeemable noncontrolling interest in operating partnership |  |  |  |  | 261 |  |  | — |  |  |
Dividends on preferred stock - Series E (inclusive of deemed dividends) |  |  |  |  | — |  |  | 1,399 |  |  |
Dividends on preferred stock - Series M (inclusive of deemed dividends) |  |  |  |  | — |  |  | 21 |  |  |
Distributed and undistributed net income (loss) - diluted |  |  |  |  | $ | 3,446 |  |  | $ | 13,669 |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding – basic |  |  |  |  | 66,498 |  |  | 65,878 |  |  |
Effect of assumed exercise of warrants |  |  |  |  | — |  |  | 3 |  |  |
Effect of assumed conversion of operating partnership units |  |  |  |  | 5,980 |  |  | — |  |  |
Effect of assumed conversion of Convertible Senior Notes |  |  |  |  | — |  |  | 13,609 |  |  |
Effect of assumed conversion of preferred stock - Series E |  |  |  |  | — |  |  | 10,258 |  |  |
Effect of assumed conversion of preferred stock - Series M |  |  |  |  | — |  |  | 147 |  |  |
Weighted average common shares outstanding – diluted |  |  |  |  | 72,478 |  |  | 89,895 |  |  |
Income (loss) per share - basic: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share |  |  |  |  | $ | 0.05 |  |  | $ | 0.17 |  |  |
Income (loss) per share - diluted: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share |  |  |  |  | $ | 0.05 |  |  | $ | 0.15 |  |  |
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 March 31,
|  |  |  |  | 2023 |  | 2022 |  |
Net income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |  |  |
Income (loss) allocated to unvested restricted shares |  |  |  |  | $ | 9 |  |  | $ | 95 |  |  |
Income (loss) allocated to unvested performance stock units |  |  |  |  | 36 |  |  | 120 |  |  |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership |  |  |  |  | — |  |  | 967 |  |  |
Dividends on preferred stock - Series B |  |  |  |  | 1,058 |  |  | 1,058 |  |  |
Interest expense on Convertible Senior Notes |  |  |  |  | 1,114 |  |  | — |  |  |
Dividends on preferred stock - Series E (inclusive of deemed dividends) |  |  |  |  | 9,730 |  |  | — |  |  |
Dividends on preferred stock - Series M (inclusive of deemed dividends) |  |  |  |  | 1,191 |  |  | — |  |  |
Total |  |  |  |  | $ | 13,138 |  |  | $ | 2,240 |  |  |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |
Effect of unvested restricted shares |  |  |  |  | — |  |  | 17 |  |  |
Effect of unvested performance stock units |  |  |  |  | 353 |  |  | 1 |  |  |
Effect of assumed conversion of operating partnership units |  |  |  |  | — |  |  | 5,856 |  |  |
Effect of assumed conversion of preferred stock - Series B |  |  |  |  | 4,116 |  |  | 4,116 |  |  |
Effect of assumed conversion of Convertible Senior Notes |  |  |  |  | 13,609 |  |  | — |  |  |
Effect of assumed conversion of preferred stock - Series E |  |  |  |  | 100,205 |  |  | — |  |  |
Effect of assumed conversion of preferred stock - Series M |  |  |  |  | 11,671 |  |  | — |  |  |
Total |  |  |  |  | 129,954 |  |  | 9,990 |  |  |

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