Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of equity securities repurchased

The following table summarizes our purchases of equity securities in each of the three months ended June 30, 2022:

Period	Total Number of Shares Purchased	Weighted Average Price Paid per Share		Maximum Approximate Dollar Value Available for Future Purchase (in thousands)
April 2022	2,308,026	$	8.95	$	467,350
May 2022	1,050,731	$	8.09	$	458,849
June 2022	3,252,202	$	7.16	$	435,560

Summary of restricted stock and LTIP unit activity

The following is a summary of restricted stock and LTIP unit activity for the six months ended June 30, 2022:

	Restricted Stock	Time-based LTIPs	Market-based LTIPs	Performance-based LTIPs	Weighted Average Grant Fair Value
Unvested balance at December 31, 2021	214,408	2,499,592	5,039,134	—	$	7.02
Vested	(67,654)	(1,052,119)	—		9.95
Granted	232,448	1,514,434	780,155	578,943	7.21
Forfeited or unearned	(9,874)	—	(1,311,839)	—	7.20
Unvested balance at June 30, 2022	369,328	2,961,907	4,507,450	578,943	6.67

Earnings per share

Earnings per share for the three and six months ended June 30, 2022 and 2021 is computed as follows (amounts in thousands, except per share amounts):

	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Numerator - Basic:
Net income	$	48,695	$	4,411	$	31,474	$	1,220
Private perpetual preferred unit distributions	(1,051)		(1,051)		(2,101)		(2,101)
Net (income) loss attributable to non-controlling interests	(18,065)		(1,285)		(11,083)		335
Earnings allocated to unvested shares	(64)		(9)		(71)		(9)
Net income (loss) attributable to common stockholders – basic	$	29,515	$	2,066	$	18,219	$	(555)
Numerator - Diluted:
Net income	$	48,695	$	4,411	$	31,474	$	1,220
Private perpetual preferred unit distributions	(1,051)		(1,051)		(2,101)		(2,101)
Net loss attributable to non-controlling interests in other partnerships	159		—		222		—
Earnings allocated to unvested shares	(64)		(9)		(71)		(9)
Net income (loss) attributable to common stockholders – diluted	$	47,739	$	3,351	$	29,524	$	(890)
Denominator:
Weighted average shares outstanding – basic	167,118		171,615		168,099		172,183
OP units	102,960		106,278		103,735		105,704
Effect of dilutive securities:
Stock-based compensation plans	7		543		3		—
Weighted average shares outstanding – diluted	270,085		278,436		271,837		277,887
Earnings per share:
Basic	$	0.18	$	0.01	$	0.11	$	0.00
Diluted	$	0.18	$	0.01	$	0.11	$	0.00