Earnings Per Share

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Numerator:
Net income (loss) attributable to common shareholders	$	(46,767)	$	(113,270)	$	(124,059)
Less: dividends paid on unvested share-based compensation	(37)		(41)		(45)

Net income (loss) available to common shareholders — basic and diluted	$	(46,804)	$	(113,311)	$	(124,104)



Denominator:
Weighted-average number of common shares — basic and diluted	119,774,655		121,813,042		130,453,944




Net income (loss) per share available to common shareholders — basic	$	(0.39)	$	(0.93)	$	(0.95)
Net income (loss) per share available to common shareholders — diluted	$	(0.39)	$	(0.93)	$	(0.95)

For the years ended December 31, 2024, 2023 and 2022, 1,215,533, 1,108,816 and 1,079,474, 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 years ended December 31, 2024, 2023 and 2022, the 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.