EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

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


		For the Years Ended December 31,
		2024		2023		2022
Numerator:
Net income (loss)		$	38,891	$	(28,116)	$	1,217
Adjusted for:
Distributions to and accretion of redeemable non-controlling interests		(2,626)		(2,626)		(2,520)
Preferred dividends		(15,875)		(15,875)		(15,875)
Loss (income) related to non-controlling interests in consolidated joint ventures		8,499		14,824		(2,321)
Allocation of (income) loss to participating securities	(1)	(4,056)		3,803		2,570
Numerator for income (loss) per common stockholder - basic		24,833		(27,990)		(16,929)
Adjusted for:
Interest rate effect on assumed conversion of convertible debt		4,323		—		—

Numerator for income (loss) per common stockholder - diluted		$	29,156	$	(27,990)	$	(16,929)

Denominator:
Weighted average common shares outstanding - basic		105,927		105,548		105,142
Adjusted for:
Dilutive effect of equity-based compensation awards	(2)	660		—		—
Effect of assumed conversion of convertible debt		25,778		—		—

Weighted average common shares outstanding - diluted	(3)	132,365		105,548		105,142
Net income (loss) per share available to common stockholders:
Basic		$	0.23	$	(0.27)	$	(0.16)
Diluted		$	0.22	$	(0.27)	$	(0.16)

(1) Balances include unvested time-based restricted stock awards that have non-forfeitable rights to participate in dividends declared on Common Stock are accounted for under the two-class method as participating securities and are reflected in the calculation of basic and diluted earnings per share using the treasury stock method.

(2) Balance reflects potentially dilutive securities issuable based on the estimated vesting of performance-based restricted stock using the treasury stock method and assuming that the reporting date is the vesting date. These shares were not included for the years ending December 31, 2023 and 2022 since their inclusion would have been anti-dilutive.

(3) Common stock issuable upon the potential conversion of Common Units is not reflected in the computation of basic and diluted earnings per share as they are exchangeable for common shares on a one-for-one basis. Income is allocated to the Common Units on this same basis as Common Stock and is reflected as non-controlling interests in the accompanying Consolidated Financial Statements. As such, the assumed conversion of the Common Units would have no net effect on diluted earnings per share.