Income (Loss) Per Share

3 Months Ended

Mar. 31, 2023

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