Income (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method

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:


	Three-month periods ended March 31,
(In thousands, except per-share figures)	2022		2021
Numerator:
Operating income before gains on sales of real estate and loss from unconsolidated joint venture	$	15,809	$	23,678
Loss from unconsolidated joint venture	(108)		(194)
Gain on sale of real estate	—		798
Operating income	15,701		24,282
Interest expense	23,160		26,991
Loss on extinguishment of debt	(363)		—
Loss on sale of land	(22)		—
Net loss	(7,844)		(2,709)
Net loss attributable to non-controlling interests (A)	30		62
Net loss attributable to the Company	(7,814)		(2,647)
Dividends declared to preferred stockholders (B)	(27,033)		(33,820)
Net loss attributable to unvested restricted stock (C)	(137)		(142)
Net loss attributable to common stockholders	$	(34,984)	$	(36,609)

Weighted average number of shares of Common Stock - basic	56,255		50,033
Effect of dilutive securities: (D)	—		—
Weighted average number of shares of Common Stock - basic and diluted	56,255		50,033
Net loss per share of Common Stock attributable to
common stockholders, basic and diluted	$	(0.62)	$	(0.73)

(A) The Company's outstanding Class A Units of the Operating Partnership (526 and 548 Units at March 31, 2022, and 2021, 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 1,302 and 1,694 outstanding shares of Series A Preferred Stock at March 31, 2022 and 2021, respectively, and 246 and 184 outstanding shares of Series A1 Preferred Stock at March 31, 2022 and 2021, respectively. The Company's mShares accrue dividends at an escalating rate of 5.75% in year one to 7.50% in year eight and thereafter. The Company had 83 and 87 mShares outstanding at March 31, 2022 and 2021, 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 44 and 21 shares of Series M1 Preferred Stock outstanding at March 31, 2022 and 2021, respectively.

(C) The Company's outstanding unvested restricted share awards (782 and 809 shares of Common Stock at March 31, 2022 and 2021, 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 8,239 shares of Common Stock; (ii) 733 shares of unvested restricted common stock; (iii) 29 outstanding Restricted Stock Units; and (iv) 529 PSUs 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.