Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2023

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 September 30,				For the nine months ended September 30,
	2023		2022		2023		2022
Numerator:
Net income (loss) attributable to common shareholders	$	(68,130)	$	13,724	$	(68,308)	$	(80,504)
Less: Dividends paid on unvested share-based compensation	(10)		(12)		(31)		(34)
Less: Undistributed earnings attributable to share-based compensation	—		(109)		—		—
Net income (loss) available to common shareholders — basic	$	(68,140)	$	13,603	$	(68,339)	$	(80,538)
Plus: Interest expense on convertible notes	—		—		—		—
Net income (loss) available to common shareholders — diluted	$	(68,140)	$	13,603	$	(68,339)	$	(80,538)

Denominator:
Weighted-average number of common shares — basic	120,057,744		130,905,132		122,394,293		130,904,772
Effect of dilutive share-based compensation	—		244,651		—		—
Effect of dilutive convertible notes	—		—		—		—
Weighted-average number of common shares — diluted	120,057,744		131,149,783		122,394,293		130,904,772

Net income (loss) per share available to common shareholders — basic	$	(0.57)	$	0.10	$	(0.56)	$	(0.62)
Net income (loss) per share available to common shareholders — diluted	$	(0.57)	$	0.10	$	(0.56)	$	(0.62)

For the three and nine months ended September 30, 2023, 1,110,184 and 1,110,184, respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average number of common shares, as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2022, 300,261 and 1,072,803, respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average number of common shares, as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2023, 29,441,175 and 29,441,175, respectively, of common shares underlying the Convertible Notes have been excluded from diluted shares as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2022, 29,441,175 and 29,441,175 of common shares underlying the Convertible Notes have been excluded from diluted shares, as their effect would have been anti-dilutive.

The LTIP units 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.