Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
		2024		2023
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company		$	15,929	$	16,034
Less: dividends on preferred stock		(10,407)		(10,350)
Less: deemed dividends on preferred stock		(1,998)		(2,454)
Less: dividends on common stock		(3,324)		(3,289)

Less: dividends on unvested performance stock units		(21)		(36)

Less: dividends on unvested restricted shares		—		(9)
Less: net (income) loss allocated to performance stock units		(2)		—

Undistributed net income (loss) allocated to common stockholders		177		(104)
Add back: dividends on common stock		3,324		3,289
Distributed and undistributed net income (loss) - basic		$	3,501	$	3,185

Income (loss) attributable to redeemable noncontrolling interest in operating partnership		—		261
Dividends on preferred stock - Series E (inclusive of deemed dividends)		9,401		—

Distributed and undistributed net income (loss) - diluted		$	12,902	$	3,446




Weighted average common shares outstanding:
Weighted average common shares outstanding – basic		66,455		66,498

Effect of assumed conversion of operating partnership units		—		5,980

Effect of assumed conversion of preferred stock - Series E		202,061		—

Weighted average common shares outstanding – diluted		268,516		72,478

Income (loss) per share - basic:


Net income (loss) allocated to common stockholders per share		$	0.05	$	0.05
Income (loss) per share - diluted:


Net income (loss) allocated to common stockholders per share		$	0.05	$	0.05

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 March 31,
		2024		2023
Net income (loss) allocated to common stockholders is not adjusted for:
Income (loss) allocated to unvested restricted shares		$	—	$	9
Income (loss) allocated to unvested performance stock units		23		36
Income (loss) attributable to redeemable noncontrolling interests in operating partnership		296		—
Dividends on preferred stock - Series B		1,058		1,058


Interest expense on Convertible Senior Notes		1,123		1,114
Dividends on preferred stock - Series E (inclusive of deemed dividends)		—		9,730
Dividends on preferred stock - Series M (inclusive of deemed dividends)		1,121		1,191
Total		$	3,621	$	13,138
Weighted average diluted shares are not adjusted for:

Effect of unvested performance stock units		13		353
Effect of assumed conversion of operating partnership units		5,902		—
Effect of assumed conversion of preferred stock - Series B		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		—		100,205
Effect of assumed conversion of preferred stock - Series M		22,340		11,671
Total		45,980		129,954