Income (Loss) Per Share

6 Months Ended

Jun. 30, 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 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