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Income (Loss) Per Share (Tables) | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Net income (loss) attributable to common stockholders - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) attributable to the Company | $ | (22,030) |  |  | $ | (8,040) |  |  | $ | (7,842) |  |  | $ | 20,989 |  |  |
Less: dividends on preferred stock | (10,582) |  |  | (6,028) |  |  | (31,809) |  |  | (13,395) |  |  |
Less: deemed dividends on preferred stock | (516) |  |  | (2,649) |  |  | (3,271) |  |  | (4,802) |  |  |
Less: dividends on common stock | (3,291) |  |  | (710) |  |  | (9,871) |  |  | (2,124) |  |  |
Less: dividends on unvested performance stock units | (36) |  |  | (5) |  |  | (108) |  |  | (19) |  |  |
Less: dividends on unvested restricted shares | (8) |  |  | (4) |  |  | (25) |  |  | (16) |  |  |
Less: net (income) loss allocated to performance stock units | — |  |  | — |  |  | — |  |  | (43) |  |  |
Less: net (income) loss allocated to unvested restricted shares | — |  |  | — |  |  | — |  |  | (49) |  |  |
Undistributed net income (loss) allocated to common stockholders | (36,463) |  |  | (17,436) |  |  | (52,926) |  |  | 541 |  |  |
Add back: dividends on common stock | 3,291 |  |  | 710 |  |  | 9,871 |  |  | 2,124 |  |  |
Distributed and undistributed net income (loss) - basic and diluted | $ | (33,172) |  |  | $ | (16,726) |  |  | $ | (43,055) |  |  | $ | 2,665 |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding – basic | 65,825 |  |  | 70,956 |  |  | 68,010 |  |  | 69,213 |  |  |
Effect of assumed exercise of warrants | — |  |  | — |  |  | — |  |  | 1 |  |  |
Weighted average common shares outstanding – diluted | 65,825 |  |  | 70,956 |  |  | 68,010 |  |  | 69,214 |  |  |
Income (loss) per share - basic: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (0.50) |  |  | $ | (0.24) |  |  | $ | (0.63) |  |  | $ | 0.04 |  |  |
Income (loss) per share - diluted: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (0.50) |  |  | $ | (0.24) |  |  | $ | (0.63) |  |  | $ | 0.04 |  |  |
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 September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Net income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |  |  |
Income (loss) allocated to unvested restricted shares | $ | 8 |  |  | $ | 4 |  |  | $ | 25 |  |  | $ | 65 |  |  |
Income (loss) allocated to unvested performance stock units | 36 |  |  | 5 |  |  | 108 |  |  | 62 |  |  |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership | (2,354) |  |  | (1,166) |  |  | (3,018) |  |  | 647 |  |  |
Dividends on preferred stock - Series B | 1,058 |  |  | 1,059 |  |  | 3,174 |  |  | 3,175 |  |  |
Interest expense on Convertible Senior Notes | 1,118 |  |  | 1,111 |  |  | 3,349 |  |  | 3,322 |  |  |
Dividends on preferred stock - Series E (inclusive of deemed dividends) | 7,959 |  |  | 6,059 |  |  | 25,851 |  |  | 11,434 |  |  |
Dividends on preferred stock - Series M (inclusive of deemed dividends) | 1,256 |  |  | 734 |  |  | 3,580 |  |  | 1,113 |  |  |
Total | $ | 9,081 |  |  | $ | 7,806 |  |  | $ | 33,069 |  |  | $ | 19,818 |  |  |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |
Effect of unvested restricted shares | — |  |  | 47 |  |  | — |  |  | 33 |  |  |
Effect of unvested performance stock units | 398 |  |  | — |  |  | 364 |  |  | — |  |  |
Effect of assumed conversion of operating partnership units | 5,258 |  |  | 5,956 |  |  | 5,470 |  |  | 5,893 |  |  |
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 |  |  | 13,609 |  |  | 13,609 |  |  |
Effect of assumed conversion of preferred stock - Series E | 145,416 |  |  | 41,008 |  |  | 116,124 |  |  | 24,491 |  |  |
Effect of assumed conversion of preferred stock - Series M | 16,979 |  |  | 4,563 |  |  | 13,623 |  |  | 1,941 |  |  |
Total | 185,776 |  |  | 69,299 |  |  | 153,306 |  |  | 50,083 |  |  |

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