Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 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):


	Year Ended December 31,
		2023		2022		2021
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company		$	(27,017)	$	17,761	$	(26,664)
Less: dividends on preferred stock		(42,304)		(21,503)		(8,745)
Less: deemed dividends on preferred stock		(4,719)		(6,954)		—
Less: dividends on common stock		(13,164)		(5,598)		—
Less: loss on extinguishment of preferred stock - Series B		—		—		(4,595)
Less: dividends on unvested performance stock units		(226)		(36)		—
Add: claw back of dividends on cancelled performance stock units		—		7		143
Less: dividends on unvested restricted shares		(33)		(38)		—


Undistributed net income (loss) allocated to common stockholders		(87,463)		(16,361)		(39,861)
Add back: dividends on common stock		13,164		5,598		—
Distributed and undistributed net income (loss) - basic and diluted		$	(74,299)	$	(10,763)	$	(39,861)









Weighted average common shares outstanding:
Weighted average common shares outstanding – basic		65,989		69,687		52,684





Weighted average common shares outstanding – diluted		65,989		69,687		52,684

Income (loss) per share - basic:


Net income (loss) allocated to common stockholders per share		$	(1.13)	$	(0.15)	$	(0.76)
Income (loss) per share - diluted:


Net income (loss) allocated to common stockholders per share		$	(1.13)	$	(0.15)	$	(0.76)

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):


	Year Ended December 31,
		2023		2022		2021
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested restricted shares		$	33	$	38	$	—
Income (loss) allocated to unvested performance stock units		226		30		—
Income (loss) attributable to redeemable noncontrolling interests in operating partnership		(5,230)		(476)		(3,597)
Dividends on preferred stock - Series B		4,233		4,233		4,747

Loss on extinguishment of preferred stock - Series B		—		—		4,595
Interest expense on Convertible Senior Notes		4,470		4,435		3,378
Dividends on preferred stock - Series E (inclusive of deemed dividends)		34,817		18,969		683
Dividends on preferred stock - Series M (inclusive of deemed dividends)		4,673		1,955		15
Total		$	43,222	$	29,184	$	9,821
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted shares		3		39		99
Effect of unvested performance stock units		273		—		—
Effect of assumed conversion of operating partnership units		5,487		5,907		4,980
Effect of assumed conversion of preferred stock - Series B		4,116		4,116		4,614
Effect of assumed conversion of exchanged preferred stock - Series B		—		—		364
Effect of contingently issuable shares		—		1		—
Effect of assumed conversion of Convertible Senior Notes		13,609		13,609		8,450
Effect of assumed conversion of preferred stock - Series E		126,832		34,730		1,345
Effect of assumed conversion of preferred stock - Series M		14,740		3,366		32
Total		165,060		61,768		19,884