Loss per Common Share

3 Months Ended

Mar. 31, 2023

Basic and diluted earnings per common share are calculated by dividing the net income or loss attributable to common stockholders by the basic and diluted weighted-average number of common shares outstanding in the period, respectively, using the allocation method prescribed by the two-class method. The Company applies this method to compute earnings per share because it distributes non-forfeitable dividend equivalents on restricted stock units and OP units granted to certain employees and non-employee directors who have the right to participate in the distribution of common dividends while the restricted stock units and OP units are unvested.

A reconciliation of the basic and diluted weighted-average number of common shares outstanding for the three months ended March 31, 2023 and 2022 is as follows (in thousands):


	Three Months Ended March 31,
	2023	2022
Weighted average common shares outstanding – basic	270,230	269,164
Dilutive effect of stock-based awards	—	—

Weighted average common shares outstanding – diluted	270,230	269,164

For the three months ended March 31, 2023 and the three months ended March 31, 2022, potential common shares under the treasury stock method and the if-converted method were antidilutive because the Company reported a net loss for both periods. Consequently, the Company did not have any adjustments between basic and diluted loss per share related to stock-based awards.

The table below presents the number of antidilutive potential common shares that are not considered in the calculation of diluted loss per share (in thousands):


	Three Months Ended March 31,
	2023	2022
Employee stock options	—	202
Restricted stock units	57	1,295
OP units	51	494

	108	1,991