Earnings per Share of Common Stock

6 Months Ended

Jun. 30, 2024

Earnings per Share of Common Stock

Earnings per Share of Common Stock

Note 21. Earnings per Share of Common Stock

The table below provides information on the basic and diluted EPS computations, including the number of shares of common stock used for purposes of these computations.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except for share and per share amounts)	2024		2023		2024		2023
Basic Earnings
Net income (loss) from continuing operations	$	(31,427)	$	244,532	$	(107,009)	$	283,041
Less: Income attributable to non-controlling interest		1,820		4,490		1,937		6,325
Less: Income attributable to participating shares		2,301		2,373		4,636		4,744
Basic earnings - continuing operations	$	(35,548)	$	237,669	$	(113,582)	$	271,972
Basic earnings - discontinued operations	$	(2,774)	$	8,841	$	(1,359)	$	7,310
Diluted Earnings
Net income (loss) from continuing operations		(31,427)		244,532		(107,009)		283,041
Less: Income attributable to non-controlling interest		1,820		4,490		1,937		6,325
Less: Income attributable to participating shares		2,301		2,373		4,636		4,744
Add: Expenses attributable to dilutive instruments		131		2,319		262		4,638
Diluted earnings - continuing operations	$	(35,417)	$	239,988	$	(113,320)	$	276,610
Diluted earnings - discontinued operations	$	(2,774)	$	8,841	$	(1,359)	$	7,310
Number of Shares
Basic — Average shares outstanding		168,653,741		131,651,125		170,343,303		121,219,982
Effect of dilutive securities — Unvested participating shares		1,210,234		9,932,712		1,170,253		9,876,386
Diluted — Average shares outstanding		169,863,975		141,583,837		171,513,556		131,096,368
EPS Attributable to RC Common Stockholders:
Basic - continuing operations	$	(0.21)	$	1.80	$	(0.67)	$	2.24
Basic - discontinued operations	$	(0.02)	$	0.07	$	(0.01)	$	0.06
Basic - total	$	(0.23)	$	1.87	$	(0.68)	$	2.30
Diluted - continuing operations	$	(0.21)	$	1.70	$	(0.67)	$	2.11
Diluted - discontinued operations	$	(0.02)	$	0.06	$	(0.01)	$	0.06
Diluted - total	$	(0.23)	$	1.76	$	(0.68)	$	2.17

In the table above, participating unvested RSUs were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above.

Certain investors own OP units in the operating partnership. An OP unit and a share of common stock of the Company have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the operating partnership. OP unit holders have the right to redeem their OP units, subject to certain restrictions. The redemption is required to be satisfied in shares of common stock or cash at the Company’s option, calculated as follows: one share of the Company’s common stock, or cash equal to the fair value of a share of the Company’s common stock at the time of redemption, for each OP unit. When an OP unit holder redeems an OP unit, non-controlling interests in the operating partnership is reduced and the Company’s equity is increased. As of June 30, 2024 and December 31, 2023, the non-controlling interest OP unit holders owned 1,225,582 and 1,330,582 OP units, respectively.