EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

We apply the two-class method of computing earnings per share, which requires the calculation of separate earnings per share amounts for our non-vested time-based restricted stock awards with non-forfeitable dividends and for our Common Stock. Our non-vested time-based restricted stock awards with non-forfeitable rights to dividends are considered securities which participate in undistributed earnings with Common Stock. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. Our non-vested time-based restricted stock awards with non-forfeitable dividends do not have such an obligation so they are not allocated losses.

All outstanding stock options were included in the computation of diluted earnings per share for the year ended December 31, 2019 due to their dilutive effect. The Common 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 would also be added to derive net income attributable to common stockholders. For the years ended December 31, 2021, 2020, and 2019, we had unvested performance-based restricted stock awards of 1,002,866 shares, 922,239 shares and 755,991 shares, respectively, which were excluded from the denominator of the diluted earnings per share as the awards had not achieved the requisite performance conditions for vesting at each period end. Our outstanding convertible notes have been excluded from the denominator of the diluted earnings per share calculation as their inclusion would be antidilutive.

Below is a summary of the components used to calculate basic and diluted earnings per share (in thousands, except per share amounts):


	2021		2020		2019
Numerator:
Net (loss) income	$	(68,584)	$	(149,245)	$	82,348
Less: Preferred dividends	(15,431)		(14,838)		(14,838)
Premium on redemption of preferred stock	(2,710)		—		—
Allocation to participating securities	—		(81)		(309)
Attributable to non-controlling interest in Operating Partnership	115		271		(157)
Attributable to non-controlling interest in joint venture	2,896		5,635		419


Net (loss) income attributable to common stockholders, net of amount allocated to participating securities	$	(83,714)	$	(158,258)	$	67,463

Denominator:
Weighted average common shares outstanding - basic	104,471		104,141		103,887
Dilutive effect of equity-based compensation awards	—		—		52
Weighted average common shares outstanding - diluted	104,471		104,141		103,939

(Loss) earnings per share:


Basic and diluted	$	(0.80)	$	(1.52)	$	0.65