Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Earnings Per Share, Basic and Diluted

The following is a reconciliation of weighted average basic and diluted shares outstanding used in the calculation of income (loss) per share of Common Stock:


		Years ended December 31,
	(In thousands, except per-share figures)	2021		2020		2019
Numerator:
	Operating income (loss) before gains on sales of real estate and unconsolidated joint venture	$	102,514	$	(80,030)	$	100,238
	Loss from unconsolidated joint ventures	(665)		(314)		—
	Gains on sales of real estate and mortgage-backed securities, net	21,109		23,456		1,567

	Operating (loss) income	122,958		(56,888)		101,805
	Interest expense	102,414		118,558		111,964
	Change in fair value of net assets of consolidated VIEs from mortgage-backed pools	—		—		1,831
	Loss on extinguishments of debt	—		(6,674)		(84)
	Gain (loss) on sale of real estate loan investment and land, net	(12)		517		954

	Net (loss) income	20,532		(181,603)		(7,458)
	Net loss (income) attributable to non-controlling interests (A)	(86)		3,815		214

	Net (loss) income attributable to The Company	20,446		(177,788)		(7,244)

	Dividends declared to preferred stockholders (B)	(153,418)		(160,908)		(113,772)
	Dividends to holders of unvested restricted stock (C)	(514)		(205)		(17)

	Net loss attributable to common stockholders	$	(133,486)	$	(338,901)	$	(121,033)

Denominator:
	Weighted average number of shares of Common Stock - basic	51,499		48,743		44,265

	Effect of dilutive securities: (D)	—		—		—

	Weighted average number of shares of Common Stock - basic and diluted	51,499		48,743		44,265

	Net loss per share of Common Stock attributable to
	common stockholders, basic and diluted	$	(2.59)	$	(6.95)	$	(2.73)

(A) The Company's outstanding Class A Units of the Operating Partnership (468, 649 and 856 Units at December 31, 2021, 2020 and 2019, respectively) contain rights to distributions in the same amount per unit as for dividends declared on the Company's Common Stock. The impact of the Class A Unit distributions on earnings per share has been calculated using the two-class method whereby earnings are allocated to the Class A Units based on dividends declared and the Class A Units' participation rights in undistributed earnings.

(B) The Company’s shares of Series A Preferred Stock outstanding accrue dividends at an annual rate of 6% of the stated value of $1,000 per share, payable monthly. The Company had 1,321, 1,735 and 2,028 outstanding shares of Series A Preferred Stock at December 31, 2021, 2020 and 2019, respectively and 246, 149 and 5 outstanding shares of Series A1 Preferred Stock at December 31, 2021, 2020 and 2019, respectively. The Company's shares of Series M preferred stock, or mShares, accrue dividends at an escalating rate of 5.75% in year one to 7.50% in year eight and thereafter. The Company had 84, 89 and 103 mShares outstanding at December 31, 2021, 2020 and 2019, respectively. The Company's shares of Series M1 preferred stock accrue dividends at an escalating rate of 6.1% in year one to 7.1% in year ten and thereafter. The Company had 41, 19 and 0 shares of Series M1 preferred stock outstanding at December 31, 2021, 2020 and 2019, respectively.

(C) The Company's outstanding unvested restricted share awards (664, 548 and 13 shares of Common Stock at December 31, 2021, 2020 and 2019, respectively) contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. Given the Company's unvested restricted share awards are defined as participating securities, the dividends declared for that period are adjusted in determining the calculation of loss per share of Common Stock.

(D) Potential dilution from (i) warrants outstanding from issuances of Units from our Series A Preferred Stock offerings that are potentially exercisable into 19,510 shares of Common Stock; (ii) 58 Class B Units; (iii) 664 shares of unvested restricted common stock; (iv) 65 outstanding Restricted Stock Units; and 449 performance-based restricted stock units are excluded from the diluted shares calculations because the effect was antidilutive. Class A Units were excluded from the denominator because earnings were allocated to non-controlling interests in the calculation of the numerator.