Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2024

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 March 31,
		2024		2023
Numerator:
Net income (loss) attributable to common shareholders		$	(38,981)	$	(33,916)
Less: Dividends paid on unvested share-based compensation		(9)		(11)
Less: Undistributed earnings attributable to share-based compensation		—		—
Net income (loss) available to common shareholders — basic and diluted		$	(38,990)	$	(33,927)



Denominator:
Weighted-average number of common shares — basic and diluted		120,085,226		125,488,415




Net income (loss) per share available to common shareholders — basic		$	(0.32)	$	(0.27)
Net income (loss) per share available to common shareholders — diluted		$	(0.32)	$	(0.27)

For the three months ended March 31, 2024 and 2023, 1,217,150 and 1,158,282, 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 months ended March 31, 2024 and 2023, 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.