Earnings Per Share

6 Months Ended

Jun. 30, 2024

The following is a summary of the basic and diluted net loss per share computation for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and per share data)	2024		2023		2024		2023
Net loss attributable to common stockholders	$	(46,600)	$	(31,357)	$	(81,287)	$	(37,346)
Adjustments to net loss attributable to common stockholders for common share equivalents	(168)		(238)		(402)		(477)
Adjusted net loss attributable to common stockholders	$	(46,768)	$	(31,595)	$	(81,689)	$	(37,823)


Weighted average common shares outstanding — Basic and Diluted	230,380,574		104,148,850		230,350,148		103,966,910
Net loss per share attributable to common stockholders — Basic and Diluted	$	(0.20)	$	(0.30)	$	(0.35)	$	(0.36)

Under current authoritative guidance for determining earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company’s unvested Restricted Shares contain and the unearned GNL LTIP Units, prior to the end of the performance period of September 11, 2023, contained rights to receive distributions considered to be non-forfeitable, except in certain limited circumstances, and therefore the Company applies the two-class method of computing earnings per share. The calculation of earnings per share above excludes the distributions to the unvested Restricted Shares and unearned GNL LTIP Units (prior to the end of the performance period of September 11, 2023) from the numerator.

Diluted net income per share assumes the conversion of all Common Stock share equivalents into an equivalent number of shares of Common Stock, unless the effect is anti-dilutive. The Company considers unvested RSUs, unvested Restricted Shares, unvested PSUs and Class A Units to be common share equivalents.

The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2024 and 2023 (see Note 13 — Equity-Based Compensation for additional information on all of the common share equivalents listed in the table below):


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Unvested RSUs (1)	1,065,245	22,089	843,200	34,481
Unvested Restricted Shares (2)	452,343	352,333	507,034	356,066
Unvested PSUs (3)	1,288,072	—	1,288,072	—
Class A Units (4)	115,857	—	115,857	—
GNL LTIP Units (5)	—	2,500,000	—	2,500,000
Total common share equivalents excluded from EPS calculation	2,921,517	2,874,422	2,754,163	2,890,547

(1) There were 1,122,852 and 49,536 unvested RSUs issued and outstanding as of June 30, 2024 and 2023, respectively.

(2) There were 362,285 and 536,340 unvested Restricted Shares issued and outstanding as of June 30, 2024 and 2023, respectively.

(3) There were 1,288,072 PSUs outstanding as of June 30, 2024 and none outstanding as of June 30, 2023.

(4) There were 115,857 Class A Units outstanding as of June 30, 2024 and none outstanding as of June 30, 2023.

(5) The performance period under the 2021 OPP was accelerated and ended on September 11, 2023 and 883,750 GNL LTIP Units became earned and vested and Common Stock was issued for the vested GNL LTIP Units. As a result, there were no GNL LTIP Units issued and outstanding under the 2021 OPP as of June 30, 2024 and there were 2,500,000 GNL LTIP Units issued and outstanding under the 2021 OPP as of June 30, 2023.

Conditionally issuable shares relating to the 2021 Equity Plan and the 2021 OPP (prior to the end of the performance period of September 11, 2023) are required to be included in the computation of fully diluted EPS (if dilutive) based on shares that would be issued as if the balance sheet date were the end of the measurement period.

•No PSU share equivalents were included in the computation for the three and six months ended June 30, 2024 since their impact was anti-dilutive, and none were included for the three and six months ended June 30, 2023 since they hadn’t been issued yet.

•No GNL LTIP Unit share equivalents were included in the computation for the three and six months ended June 30, 2024 since the performance period ended on September 11, 2023 and they were not included in three and six months ended June 30, 2023 since their impact was anti-dilutive.