Income (Loss) Per Share

9 Months Ended

Sep. 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 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

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