Income (Loss) Per Share

9 Months Ended

Sep. 30, 2022

Numerator:

Income (Loss) Per Share

5. INCOME (LOSS) PER SHARE:

The computation of basic and diluted earnings per common share is as follows (in thousands, except per share data):

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2022		2021		2022		2021
Numerator:
Net income (loss) available to common shareholders	$	45,241	$	(8,546)	$	70,904	$	(170,986)
Net income attributable to noncontrolling interest in consolidated joint venture		1,887		—		—		—
Net income (loss) available to common shareholders - if-converted method	$	47,128	$	(8,546)	$	70,904	$	(170,986)
Denominator:
Weighted average shares outstanding - basic		55,159		55,065		55,132		55,040
Effect of dilutive stock-based compensation		178		—		197		—
Effect of dilutive put rights		3,978		—		—		—
Weighted average shares outstanding - diluted		59,315		55,065		55,329		55,040
Basic income (loss) per share available to common stockholders	$	0.82	$	(0.16)	$	1.29	$	(3.11)
Diluted income (loss) per share available to common stockholders	$	0.79	$	(0.16)	$	1.28	$	(3.11)

For each of the three months and nine months ended September 30, 2021, the effect of dilutive stock-based compensation was the equivalent of 0.2 million shares of common stock outstanding. Because the Company had a loss available to common stockholders in the three months and nine months ended September 30, 2021, these incremental shares were excluded from the computation of dilutive earnings per share as the effect of their inclusion would have been anti-dilutive.

As more fully discussed in Note 2, “OEG Transaction,” the OEG Investor will have certain put rights (the “OEG Put Rights”) to require the Company to purchase the OEG Investor’s equity interest in OEG, which the Company may pay in cash or Company stock, at the Company’s option. The Company calculated potential dilution for the OEG Put Rights based on the if-converted method, which assumes the OEG Put Rights were converted on the first day of the period or the date of issuance. For the nine months ended September 30, 2022, the effect of the OEG Put Rights was the equivalent of 1.3 million shares of Company common stock outstanding. Because the OEG Put Rights were anti-dilutive for the nine months ended September 30, 2022, such incremental shares were excluded from the computation of dilutive earnings per share.

The operating partnership units (“OP Units”) held by the noncontrolling interest holders in the Operating Partnership have been excluded from the denominator of the diluted income (loss) per share calculation for the three months and nine months ended September 30, 2022 and 2021 as there would be no effect on the calculation of diluted income (loss) per share because the income (loss) attributable to the OP Units held by the noncontrolling interest holders would also be subtracted to derive net income (loss) available to common stockholders.