Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of restricted stock and LTIP unit activity

The following is a summary of restricted stock and LTIP unit activity for the nine months ended September 30, 2023:

	Restricted Stock	Time-based LTIPs	Market-based LTIPs	Performance-based LTIPs	Weighted Average Grant Fair Value
Unvested balance at December 31, 2022	359,293	2,713,522	4,070,537	510,989	$	6.69
Vested	(111,178)	(1,148,987)	(316,412)	(2,011)	7.66
Granted	370,465	1,733,015	946,398	771,180	5.67
Forfeited or unearned	(8,917)	—	(1,695,323)	(3,795)	4.30
Unvested balance at September 30, 2023	609,663	3,297,550	3,005,200	1,276,363	$	6.53

Schedule of earnings per share

Earnings per share is calculated by dividing the net income attributable to common shareholders by the weighted average number of shares outstanding during the respective period. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Share-based payment awards are included in the calculation of diluted income using the treasury stock method if dilutive.

For the three and nine months ended September 30, 2023 and 2022, earnings per share is computed as follows (amounts in thousands, except per share amounts):

	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Numerator - Basic:
Net income	$	19,928	$	10,118	$	68,577	$	41,592
Private perpetual preferred unit distributions	(1,050)		(1,050)		(3,151)		(3,151)
Net income attributable to non-controlling interests	(7,318)		(3,511)		(25,493)		(14,594)
Earnings allocated to unvested shares	—		—		—		—
Net income attributable to common stockholders – basic	$	11,560	$	5,557	$	39,933	$	23,847
Numerator - Diluted:
Net income	$	19,928	$	10,118	$	68,577	$	41,592
Private perpetual preferred unit distributions	(1,050)		(1,050)		(3,151)		(3,151)
Net (income) loss attributable to non-controlling interests in other partnerships	(111)		49		(69)		271
Earnings allocated to unvested shares	—		—		—		—
Net income attributable to common stockholders – diluted	$	18,767	$	9,117	$	65,357	$	38,712
Denominator:
Weighted average shares outstanding – basic	161,851		162,165		160,799		166,354
Operating partnership units	100,905		103,870		102,580		103,526
Effect of dilutive securities:
Stock-based compensation plans	3,317		1,086		1,890		1,086
Weighted average shares outstanding – diluted	266,073		267,121		265,269		270,966
Earnings per share:
Basic	$	0.07	$	0.03	$	0.25	$	0.14
Diluted	$	0.07	$	0.03	$	0.25	$	0.14