Earnings/Loss per Common Share

6 Months Ended

Jun. 30, 2025

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

A reconciliation of the basic and diluted weighted-average common stock outstanding for the three and six months ended June 30, 2025 and 2024 is as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	(In thousands)
Weighted average common stock outstanding – basic	285,604	284,683	285,484	284,664
Dilutive effect of stock-based awards	190	—	—	—
Weighted average common stock outstanding – diluted	285,794	284,683	285,484	284,664

For the three months ended June 30, 2025, potential common stock under the treasury stock method and the if-converted method was dilutive because the Company reported net income for the period. For the three months ended June 30, 2024 and the six months ended June 30, 2025 and 2024, potential common stock under the treasury stock method and the if-converted method was antidilutive because the Company reported a net loss for the period. Consequently, the Company did not have any adjustments between basic and diluted loss per share related to stock-based awards for those respective periods.

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024(1)	2025	2024(1)
	(In thousands)
Employee stock options	—	56	34	60
Restricted stock units	1,028	806	817	508
OP units	523	407	343	247
Total	1,551	1,269	1,194	815

(1) Certain prior period amounts have been reclassified to conform to the current period presentation.