Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2025

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,
	2025		2024		2025		2024
Numerator:
Net income (loss) attributable to common shareholders	$	(43,366)	$	33,026	$	(79,520)	$	14,349
Less: Dividends paid on unvested share-based compensation	(9)		(9)		(26)		(28)
Less: Undistributed earnings attributable to share-based compensation	—		(247)		—		(83)
Net income (loss) available to common shareholders — basic	$	(43,375)	$	32,770	$	(79,546)	$	14,238

Plus: Interest expense on convertible notes	—		3,281		—		—
Net income (loss) available to common shareholders — diluted	$	(43,375)	$	36,051	$	(79,546)	$	14,238

Denominator:
Weighted-average number of common shares — basic	117,555,628		119,640,463		118,304,722		119,938,931
Effect of dilutive share-based compensation	—		270,228		—		428,420
Effect of dilutive convertible notes	—		29,441,175		—		—
Weighted-average number of common shares — diluted	117,555,628		149,351,866		118,304,722		120,367,351

Net income (loss) per share available to common shareholders — basic	$	(0.37)	$	0.27	$	(0.67)	$	0.12
Net income (loss) per share available to common shareholders — diluted	$	(0.37)	$	0.24	$	(0.67)	$	0.12

For the three and nine months ended September 30, 2025, 1,391,462 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, 2024, 467,452 and 157,010, 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, 2025, 13,739,215 of common shares underlying the Convertible Notes 2026 were excluded from diluted shares as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2024, zero and 29,441,175, respectively, of common shares underlying the Convertible Notes 2026 were 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.