EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

EARNINGS PER SHAREWe 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 earnings per share (in thousands, except per share amounts):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net (loss) income attributable to common stockholders	$	(753)	$	7,944	$	(5,981)	$	(4,435)
Less:
Dividends paid on additional performance shares earned	—		83		—		83
Income attributable to non-controlling interest in Operating Partnership	—		(1,715)		—		—
Loss attributable to participating securities	—		1,310		—		—
Net (loss) income attributable to common stockholders for diluted earnings per share	$	(753)	$	8,266	$	(5,981)	$	(4,518)
Denominator:
Weighted average common shares outstanding - basic	105,562		105,199		105,438		105,049
Add:
Dilutive effect of equity-based compensation awards	—		164		—		—
Dilutive effect of Common Units of Operating Partnership	—		15,989		—		—
Weighted average common shares outstanding, diluted	105,562		121,352		105,438		105,049
Net (loss) income per share - basic	$	(0.01)	$	0.08	$	(0.06)	$	(0.04)
Net (loss) income per share - diluted	$	(0.01)	$	0.07	$	(0.06)	$	(0.04)

Due to the net loss attributable to common stockholders for basic earnings per share for the three months ended June 30, 2023, and the six months ended June 30, 2023 and 2022, equity shares computed under the treasury stock method, and the dilutive effect of the conversion of common units of the Operating partnership have been excluded from the number of shares used in calculating diluted loss per share as their inclusion would be antidilutive. The effect of the conversion of the convertible stock has been excluded from the numerator and denominator of diluted loss per share for all periods presented as its inclusion would be antidilutive.