EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021, we had unvested performance-based restricted stock awards of 1,056,272 shares, 1,006,974 shares and 1,002,866 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):


	For the Year Ended December 31,
	2023		2022		2021
Numerator:
Net (loss) income	$	(28,116)	$	1,217	$	(68,584)
Adjusted for:
Preferred dividends	(15,875)		(15,875)		(15,431)
Premium on redemption of preferred stock	—		—		(2,710)

Distributions and accretion of redeemable non-controlling interests	(2,626)		(2,520)		—
Loss attributable to non-controlling interest in Operating Partnership	3,803		2,570		115
Loss attributable to non-controlling interests in joint ventures	14,824		(2,321)		2,896
Loss from continuing operations attributable to common stockholders	$	(27,990)	$	(16,929)	$	(83,714)



Denominator:


Weighted average common shares outstanding - basic and diluted	105,548		105,142		104,471

Loss per share:


Basic and diluted	$	(0.27)	$	(0.16)	$	(0.80)