EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2022

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.

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


	For the Three Months Ended March 31,
	2022		2021
Numerator:
Net loss	$	(8,973)	$	(32,871)
Less: Preferred dividends	(3,970)		(3,709)


Attributable to non-controlling interest in Operating Partnership	482		54
Attributable to non-controlling interests in Joint Venture	82		1,452
Net loss attributable to common stockholders, net of amount allocated to participating securities	$	(12,379)	$	(35,074)
Denominator:
Weighted average common shares outstanding - basic and diluted	104,896		104,278


Loss per share:
Basic and diluted	$	(0.12)	$	(0.34)

The Common Units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share calculation 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. Our unvested performance-based restricted stock awards and outstanding convertible notes have been excluded from the denominator of the diluted earnings per share calculation as their inclusion would be antidilutive.