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Earnings Per Share | 3 Months Ended
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Mar. 31, 2021
Earnings Per Share [Abstract] |
Earnings Per Share | Note 10. Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares that have non-forfeitable rights to receive dividends issued pursuant to the Company’s share-based compensation program are considered participating securities). Unvested restricted shares that are participating securities are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For the three months ended March 31, 2021 and 2020, the Company had 0.5 million and 0.5 million, respectively, of weighted average unvested restricted shares outstanding that were participating securities. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three months ended March 31, 2021 and 2020:
|  | Three months ended March 31, |
|  | 2021 |  |  | 2020 |
Numerator |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 1,253,000 |  |  | $ | (2,098,000 | )
Preferred stock dividends |  |  | (2,688,000 | ) |  |  | (2,688,000 | )
Net (income) attributable to noncontrolling interests |  |  | (141,000 | ) |  |  | (148,000 | )
Net earnings allocated to unvested shares |  |  | (33,000 | ) |  |  | (154,000 | )
Net (loss) attributable to vested common shares |  | $ | (1,609,000 | ) |  | $ | (5,088,000 | )
Denominator |  |  |  |  |  |  |  |
Weighted average number of vested common shares outstanding, basic and diluted |  |  | 13,144,000 |  |  |  | 13,086,000 |
Net (loss) per common share attributable to common shareholders, basic and diluted |  | $ | (0.12 | ) |  | $ | (0.39 | )
Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. For the three months ended March 31, 2021 and 2020, no restricted stock units (“RSU’s”) would have been issuable under the Company’s President and CEO market performance-based equity award had the measurement period ended on March 31, 2021, and 2020, respectively; therefore this market performance-based equity award had no impact in calculation diluted EPS. Net income/loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no dilutive effect had such amounts been included. The weighted average number of OP Units outstanding were 81,000 and 81,000 for the three months ended March 31, 2021 and 2020, respectively.

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