Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Significant Accounting Policies

Schedule of computation of basic and diluted (loss) earnings per common share

The following table sets forth the computation of basic and diluted (loss) earnings per common share (unaudited and in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Numerator:
Net (loss) income	$	(117,500)	$	45,918	$	(280,019)	$	63,834
Loss (income) from consolidated joint venture attributable to noncontrolling interest		2,162		(1,955)		2,620		(3,554)
Preferred stock dividends		(3,207)		(3,207)		(6,414)		(6,414)
Distributions paid on unvested restricted stock compensation		—		(61)		(69)		(122)
Undistributed income allocated to unvested restricted stock compensation		—		(156)		—		(167)
Numerator for basic and diluted (loss) income attributable to common stockholders	$	(118,545)	$	40,539	$	(283,882)	$	53,577
Denominator:
Weighted average basic and diluted common shares outstanding		214,225		227,389		217,631		227,305
Basic and diluted (loss) income attributable to common stockholders per common share	$	(0.55)	$	0.18	$	(1.30)	$	0.24

Schedule of contract assets and liabilities

Trade receivables and contract liabilities consisted of the following (in thousands):

	June 30,		December 31,
	2020		2019
	(unaudited)
Trade receivables, net (1)	$	2,080	$	21,201
Contract liabilities (2)	$	14,673	$	18,498

(1) Trade receivables are included in accounts receivable, net on the accompanying consolidated balance sheets.

(2) Contract liabilities consist of advance deposits and are included in either other current liabilities or other liabilities on the accompanying consolidated balance sheets.