Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2023

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 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

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 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