EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2022

The following table is a reconciliation of the income or loss (numerator) and the weighted average shares (denominator) used in the calculation of basic and diluted earnings per common share. The computation of basic and diluted earnings per share is presented below.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
NUMERATOR:
Basic and Diluted*
Net income (loss)	$	9,212	$	(23,523)	$	(7,754)	$	(14,433)
(Income) Loss allocated to Noncontrolling Interests	(1,070)		977		(619)		813
Distributions to Preferred Shareholders	(6,043)		(6,044)		(12,087)		(12,087)


Net income (loss) applicable to Common Shareholders	$	2,099	$	(28,590)	$	(20,460)	$	(25,707)

DENOMINATOR:
Weighted average number of common shares - basic	39,277,269		39,097,820		39,254,536		39,034,707
Effect of dilutive securities:
Restricted Stock Awards and LTIP Units (unvested)	853,136		—		—		—
Contingently Issued Shares and Units	323,380		—		—		—

Weighted average number of common shares - diluted	40,453,785		39,097,820		39,254,536		39,034,707

*(Income) loss allocated to noncontrolling interest in HHLP has been excluded from the numerator and Common Units and Vested LTIP Units have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) applicable to common shareholders.