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Income (Loss) Per Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Income (Loss) Per Share | Income (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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Net income (loss) attributable to common stockholders - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) attributable to the Company | $ | (11,565) |  |  | $ | (1,846) |  |  | $ | 4,364 |  |  | $ | 14,188 |  |  |
Less: dividends on preferred stock | (10,329) |  |  | (10,877) |  |  | (20,736) |  |  | (21,227) |  |  |
Less: deemed dividends on preferred stock | (26) |  |  | (301) |  |  | (2,024) |  |  | (2,755) |  |  |
Less: dividends on common stock | (3,326) |  |  | (3,291) |  |  | (6,650) |  |  | (6,580) |  |  |
Less: dividends on unvested performance stock units | (21) |  |  | (36) |  |  | (42) |  |  | (72) |  |  |
Less: dividends on unvested restricted shares | — |  |  | (8) |  |  | — |  | — |  | (17) |  |  |
Undistributed net income (loss) allocated to common stockholders | (25,267) |  |  | (16,359) |  |  | (25,088) |  |  | (16,463) |  |  |
Add back: dividends on common stock | 3,326 |  |  | 3,291 |  |  | 6,650 |  |  | 6,580 |  |  |
Distributed and undistributed net income (loss) - basic and diluted | $ | (21,941) |  |  | $ | (13,068) |  |  | $ | (18,438) |  |  | $ | (9,883) |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding – basic and diluted | 66,501 |  |  | 65,806 |  |  | 66,478 |  |  | 68,378 |  |  |
Income (loss) per share - basic and diluted: |  |  |  |  |  |  |  |  |
Net income (loss) allocated to common stockholders per share | $ | (0.33) |  |  | $ | (0.20) |  |  | $ | (0.28) |  |  | $ | (0.14) |  |  |
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,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Net income (loss) allocated to common stockholders is not adjusted for: |  |  |  |  |  |  |  |  |
Income (loss) allocated to unvested restricted shares | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | 17 |  |  |
Income (loss) allocated to unvested performance stock units | 21 |  |  | 36 |  |  | 42 |  |  | 72 |  |  |
Income (loss) attributable to redeemable noncontrolling interests in operating partnership | (1,919) |  |  | (925) |  |  | (1,623) |  |  | (664) |  |  |
Dividends on preferred stock - Series B | 1,058 |  |  | 1,058 |  |  | 2,116 |  |  | 2,116 |  |  |
Interest expense on Convertible Senior Notes | 1,124 |  |  | 1,117 |  |  | 2,247 |  |  | 2,231 |  |  |
Dividends on preferred stock - Series E (inclusive of deemed dividends) | 7,596 |  |  | 8,162 |  |  | 16,997 |  |  | 17,892 |  |  |
Dividends on preferred stock - Series M (inclusive of deemed dividends) | 876 |  |  | 1,133 |  |  | 1,997 |  |  | 2,324 |  |  |
Total | $ | 8,756 |  |  | $ | 10,589 |  |  | $ | 21,776 |  |  | $ | 23,988 |  |  |
Weighted average diluted shares are not adjusted for: |  |  |  |  |  |  |  |  |
Effect of unvested performance stock units | 39 |  |  | 340 |  |  | 26 |  |  | 346 |  |  |
Effect of assumed conversion of operating partnership units | 6,364 |  |  | 5,172 |  |  | 6,133 |  |  | 5,576 |  |  |
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 | 15,464 |  |  | 13,609 |  |  | 14,537 |  |  | 13,609 |  |  |
Effect of assumed conversion of preferred stock - Series E | 162,180 |  |  | 102,751 |  |  | 182,121 |  |  | 101,478 |  |  |
Effect of assumed conversion of preferred stock - Series M | 17,098 |  |  | 12,219 |  |  | 19,719 |  |  | 11,945 |  |  |
Total | 205,261 |  |  | 138,207 |  |  | 226,652 |  |  | 137,070 |  |  |

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