Income (Loss) Per Share

6 Months Ended

Jun. 30, 2021

Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Income (loss) allocated to common stockholders - basic and diluted:
Income (loss) attributable to the Company	$	(64,292)	$	(204,616)	$	(167,330)	$	(288,817)
Less: Dividends on preferred stock	—		(10,644)		—		(21,288)
Add: Dividend reversal on preferred stock, net (1)	2,709		—		3,527		—
Add: Gain (loss) on extinguishment of preferred stock	(7,887)		—		2,748		—


Add: Claw back of dividends on unvested performance stock units	—		227		178		605





Distributed and undistributed income (loss) allocated to common stockholders - basic and diluted	$	(69,470)	$	(215,033)	$	(160,877)	$	(309,500)












Weighted average common shares outstanding:
Weighted average common shares outstanding - basic and diluted	15,957		1,031		12,178		1,016





Basic income (loss) per share:


Net income (loss) allocated to common stockholders per share	$	(4.35)	$	(208.53)	$	(13.21)	$	(304.58)

Diluted income (loss) per share:


Net income (loss) allocated to common stockholders per share	$	(4.35)	$	(208.53)	$	(13.21)	$	(304.58)

_______________

(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.

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 June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Income (loss) allocated to common stockholders is not adjusted for:


Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$	956	(1)	$	37,350	(1)	3,227		(1)	55,021		(1)

Total	$	956		$	37,350		$	3,227		$	55,021

Weighted average diluted shares are not adjusted for:
Effect of unvested restricted stock	77			—			39			12
Effect of unvested performance stock units	37			—			18			—
Effect of assumed conversion of operating partnership units	243			1,823			222			1,881


Effect of assumed issuance of shares for term loan exit fee	1,745			—			1,599			—
Total	2,102			1,823			1,878			1,893

_______________

(1)Inclusive of preferred stock dividend reversal of $36 and $56 for the three and six months ended June 30, 2021 and $1.6 million for the three and six months ended June 30, 2020, respectively, allocated to redeemable noncontrolling interests in operating partnership.