Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator:
Net (loss) income	$	(91,107)	$	33,545	$	(371,126)	$	97,379
Loss (income) from consolidated joint venture attributable to noncontrolling interest		1,816		(2,508)		4,436		(6,062)
Preferred stock dividends		(3,208)		(3,208)		(9,622)		(9,622)
Distributions paid on unvested restricted stock compensation		—		(61)		(69)		(183)
Undistributed income allocated to unvested restricted stock compensation		—		(89)		—		(257)
Numerator for basic and diluted (loss) income attributable to common stockholders	$	(92,499)	$	27,679	$	(376,381)	$	81,255
Denominator:
Weighted average basic and diluted common shares outstanding		214,257		224,530		216,498		226,369
Basic and diluted (loss) income attributable to common stockholders per common share	$	(0.43)	$	0.12	$	(1.74)	$	0.36

Schedule of contract assets and liabilities

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

	September 30,		December 31,
	2020		2019
	(unaudited)
Trade receivables, net (1)	$	4,499	$	21,201
Contract liabilities (2)	$	15,587	$	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.