EARNINGS PER SHARE

12 Months Ended

Dec. 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.

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, 2022, 2021, and 2020, we had unvested performance-based restricted stock awards of 1,006,974 shares, 1,002,866 shares and 922,239 shares, respectively, which were excluded from the denominator of the diluted earnings per share as the awards were antidilutive. 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):


	2022		2021		2020
Numerator:
Net income (loss)	$	1,217	$	(68,584)	$	(149,245)
Adjusted for:
Preferred dividends	(15,875)		(15,431)		(14,838)
Premium on redemption of preferred stock	—		(2,710)		—
Allocation to participating securities	—		—		(81)
Distributions and accretion of redeemable non-controlling interests	(2,520)		—		—
Attributable to non-controlling interest in Operating Partnership	2,570		115		271
Attributable to non-controlling interests in joint ventures	(2,321)		2,896		5,635
Income from continuing operations attributable to common stockholders	$	(16,929)	$	(83,714)	$	(158,258)



Denominator:


Weighted average common shares outstanding - basic and diluted	105,142		104,471		104,141

Loss per share:


Basic and diluted	$	(0.16)	$	(0.80)	$	(1.52)