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Income (Loss) Per Share | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Net income (loss) attributable to common stockholders - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) attributable to the Company | $ | (1,846) |  |  | $ | 14,366 |  |  | $ | 14,188 |  |  | $ | 29,029 |  |  |
Less: dividends on preferred stock | (10,877) |  |  | (4,064) |  |  | (21,227) |  |  | (7,367) |  |  |
Less: deemed dividends on preferred stock | (301) |  |  | — |  |  | (2,755) |  |  | — |  |  |
Less: dividends on common stock | (3,291) |  |  | (707) |  |  | (6,580) |  |  | (1,414) |  |  |
Less: dividends on unvested performance stock units | (36) |  |  | (7) |  |  | (72) |  |  | (14) |  |  |
Less: dividends on unvested restricted shares | (8) |  |  | (6) |  |  | (17) |  |  | (12) |  |  |
Less: net (income) loss allocated to performance stock units | — |  |  | (95) |  |  | — |  |  | (207) |  |  |
Less: net (income) loss allocated to unvested restricted shares | — |  |  | (74) |  |  | — |  |  | (161) |  |  |
Undistributed net income (loss) allocated to common stockholders | (16,359) |  |  | 9,413 |  |  | (16,463) |  |  | 19,854 |  |  |
Add back: dividends on common stock | 3,291 |  |  | 707 |  |  | 6,580 |  |  | 1,414 |  |  |
Distributed and undistributed net income (loss) - basic | $ | (13,068) |  |  | $ | 10,120 |  |  | $ | (9,883) |  |  | $ | 21,268 |  |  |
Interest expense on Convertible Senior Notes | — |  |  | 1,108 |  |  | — |  |  | 2,211 |  |  |
Dividends on preferred stock - Series E (inclusive of deemed dividends) | — |  |  | 2,053 |  |  | — |  |  | 3,452 |  |  |
Dividends on preferred stock - Series M (inclusive of deemed dividends) | — |  |  | 128 |  |  | — |  |  | 149 |  |  |
Distributed and undistributed net income (loss) - diluted | $ | (13,068) |  |  | $ | 13,409 |  |  | $ | (9,883) |  |  | $ | 27,080 |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding – basic | 65,806 |  |  | 70,740 |  |  | 68,378 |  |  | 68,325 |  |  |
Effect of assumed exercise of warrants | — |  |  | — |  |  | — |  |  | 1 |  |  |
Effect of assumed conversion of Convertible Senior Notes | — |  |  | 13,610 |  |  | — |  |  | 13,610 |  |  |
Effect of assumed conversion of preferred stock - Series E | — |  |  | 22,207 |  |  | — |  |  | 16,232 |  |  |
Effect of assumed conversion of preferred stock - Series M | — |  |  | 1,112 |  |  | — |  |  | 630 |  |  |
Weighted average common shares outstanding – diluted | 65,806 |  |  | 107,669 |  |  | 68,378 |  |  | 98,798 |  |  |
Income (loss) per share - basic: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (0.20) |  |  | $ | 0.14 |  |  | $ | (0.14) |  |  | $ | 0.31 |  |  |
Income (loss) per share - diluted: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (0.20) |  |  | $ | 0.12 |  |  | $ | (0.14) |  |  | $ | 0.27 |  |  |
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 June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Net income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |  |  |
Income (loss) allocated to unvested restricted shares | $ | 8 |  |  | $ | 80 |  |  | $ | 17 |  |  | $ | 173 |  |  |
Income (loss) allocated to unvested performance stock units | 36 |  |  | 102 |  |  | 72 |  |  | 221 |  |  |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership | (925) |  |  | 846 |  |  | (664) |  |  | 1,813 |  |  |
Dividends on preferred stock - Series B | 1,058 |  |  | 1,058 |  |  | 2,116 |  |  | 2,116 |  |  |
Interest expense on Convertible Senior Notes | 1,117 |  |  | — |  |  | 2,231 |  |  | — |  |  |
Dividends on preferred stock - Series E (inclusive of deemed dividends) | 8,162 |  |  | — |  |  | 17,892 |  |  | — |  |  |
Dividends on preferred stock - Series M (inclusive of deemed dividends) | 1,133 |  |  | — |  |  | 2,324 |  |  | — |  |  |
Total | $ | 10,589 |  |  | $ | 2,086 |  |  | $ | 23,988 |  |  | $ | 4,323 |  |  |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |
Effect of unvested restricted shares | — |  |  | 34 |  |  | — |  |  | 25 |  |  |
Effect of unvested performance stock units | 340 |  |  | — |  |  | 346 |  |  | 1 |  |  |
Effect of assumed conversion of operating partnership units | 5,172 |  |  | 5,868 |  |  | 5,576 |  |  | 5,862 |  |  |
Effect of assumed conversion of preferred stock - Series B | 4,116 |  |  | 4,116 |  |  | 4,116 |  |  | 4,116 |  |  |
Effect of assumed conversion of Convertible Senior Notes | 13,609 |  |  | — |  |  | 13,609 |  |  | — |  |  |
Effect of assumed conversion of preferred stock - Series E | 102,751 |  |  | — |  |  | 101,478 |  |  | — |  |  |
Effect of assumed conversion of preferred stock - Series M | 12,219 |  |  | — |  |  | 11,945 |  |  | — |  |  |
Total | 138,207 |  |  | 10,018 |  |  | 137,070 |  |  | 10,004 |  |  |

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