Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

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 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)

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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 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

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(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.