Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Amounts Used in Calculating Basic and Diluted Earnings (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 March 31,
	2021			2020
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company	$	(103,038)		$	(84,201)
Less: Dividends on preferred stock	—			(10,644)
Add: Dividend reversal on preferred stock, net	818		(1)	—
Add: Extinguishment of preferred stock	10,635			—


Add: Claw back of dividends on unvested performance stock units	178			378





Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted	$	(91,407)		$	(94,467)












Weighted average common shares outstanding:
Weighted average common shares outstanding - basic and diluted	83,046			10,047





Basic income (loss) per share:


Net income (loss) allocated to common stockholders per share	$	(1.10)		$	(9.40)

Diluted income (loss) per share:


Net income (loss) allocated to common stockholders per share	$	(1.10)		$	(9.40)

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(1)The dividend reversal on preferred stock, net results from the reversal of unpaid dividends which are relinquished upon each 3(a)(9) preferred exchange. These reversals exceeded the amount of dividend expense recorded for the unpaid dividends for the remaining outstanding preferred stock.

Summary of Computation of Diluted Income Per Share

Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands):


	Three Months Ended March 31,
	2021			2020
Income (loss) allocated to common stockholders is not adjusted for:


Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$	(2,271)	(1)	$	(17,671)

Total	$	(2,271)		$	(17,671)

Weighted average diluted shares are not adjusted for:
Effect of unvested restricted stock	11			24

Effect of assumed conversion of operating partnership units	2,015			1,939


Effect of assumed issuance of shares for term loan exit fee	14,528			—
Total	16,554			1,963

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(1)Inclusive of preferred stock dividend reversal of $20 for the three months ended March 31, 2021, respectively, allocated to redeemable noncontrolling interests in operating partnership.