EARNINGS PER SHARE

12 Months Ended

Dec. 31, 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.


	Twelve Months Ended December 31,
	2022		2021		2020
NUMERATOR:
Basic and Diluted*
Net Income (Loss)	$	166,060	$	(43,355)	$	(187,766)
Income (loss) allocated to Noncontrolling Interests	(19,338)		4,524		22,777
Distributions to Preferred Shareholders	(24,174)		(24,174)		(24,176)
Dividends Paid on Unvested Restricted Shares and LTIP Units	(1,209)		—		—

Net Income (Loss) from Continuing Operations attributable to Common Shareholders	$	121,339	$	(63,005)	$	(189,165)

DENOMINATOR:
Weighted average number of common shares - basic	39,368,952		39,089,987		38,613,563
Effect of dilutive securities:
Restricted Stock Awards and LTIP Units (unvested)	1,271,812		—		—
Contingently Issued Shares and Units	549,864		—		—
Weighted average number of common shares - diluted	41,190,628		39,089,987		38,613,563

* 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.