Earnings Per Share

12 Months Ended

Dec. 31, 2023

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


	For the year ended December 31,
	2023		2022		2021
Numerator:
Net income (loss) attributable to common shareholders	$	(113,270)	$	(124,059)	$	(235,018)
Less: dividends paid on unvested share-based compensation	(41)		(45)		(47)

Net income (loss) available to common shareholders — basic and diluted	$	(113,311)	$	(124,104)	$	(235,065)



Denominator:
Weighted-average number of common shares — basic and diluted	121,813,042		130,453,944		130,804,354




Net income (loss) per share available to common shareholders — basic	$	(0.93)	$	(0.95)	$	(1.80)
Net income (loss) per share available to common shareholders — diluted	$	(0.93)	$	(0.95)	$	(1.80)

For the years ended December 31, 2023, 2022 and 2021, 1,108,816, 1,079,474 and 1,033,747, respectively, 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 years ended December 31, 2023, 2022 and 2021, 29,441,175, 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.

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.