Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2022

The following is a reconciliation of basic and diluted earnings (loss) per common share (in thousands, except share and per-share data):


	For the three months ended June 30,				For the six months ended June 30,
	2022		2021		2022		2021
Numerator:
Net income (loss) attributable to common shareholders	$	16,646	$	(8,564)	$	(94,228)	$	(137,285)
Less: Dividends paid on unvested share-based compensation	(12)		(12)		(22)		(23)
Less: Undistributed earnings attributable to share-based compensation	(133)		—		—		—
Net income (loss) available to common shareholders — basic	$	16,501	$	(8,576)	$	(94,250)	$	(137,308)
Plus: Interest expense on convertible notes	3,281		—		—		—
Net income (loss) available to common shareholders — diluted	$	19,782	$	(8,576)	$	(94,250)	$	(137,308)

Denominator:
Weighted-average number of common shares — basic	130,904,876		130,813,521		130,904,589		130,794,801
Effect of dilutive share-based compensation	374,188		—		—		—
Effect of dilutive convertible notes	29,441,175		—		—		—
Weighted-average number of common shares — diluted	160,720,239		130,813,521		130,904,589		130,794,801

Net income (loss) per share available to common shareholders — basic	$	0.13	$	(0.07)	$	(0.72)	$	(1.05)
Net income (loss) per share available to common shareholders — diluted	$	0.12	$	(0.07)	$	(0.72)	$	(1.05)

For the three and six months ended June 30, 2022, zero and 1,056,949, respectively, shares of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive. For the three and six months ended June 30, 2021, 1,030,676 shares of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive. For the three and six months ended June 30, 2022, zero and 29,441,175, respectively, common shares underlying the convertible notes have been excluded from diluted shares as their effect would have been anti-dilutive. For the three and six months ended June 30, 2021, 29,441,175 common shares underlying the convertible notes have been excluded from diluted shares as their effect would have been anti-dilutive.

The LTIP and OP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive net income (loss) available to common shareholders.