Net Income Per Share

6 Months Ended

Jun. 30, 2022

The following table sets forth the basic and diluted net loss per share computations:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and per share amounts)	2022		2021		2022		2021
Net loss attributable to common stockholders	$	(56,259)	$	(7,405)	$	(16,325)	$	(16,816)
Adjustments to net loss for common share equivalents	(309)		(200)		(617)		(417)
Adjusted net loss attributable to common stockholders	$	(56,568)	$	(7,605)	$	(16,942)	$	(17,233)

Weighted-average shares outstanding — Basic	132,629,704		110,898,056		130,646,294		109,674,113
Weighted-average shares outstanding — Diluted	132,629,704		110,898,056		130,646,294		109,674,113
Net loss per share attributable to common stockholders — Basic and Diluted	$	(0.43)	$	(0.07)	$	(0.13)	$	(0.16)

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, Class A Units and unearned LTIP Units contain 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, Class A Units and the unearned LTIP Units that were issued under the 2021 OPP 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 antidilutive. The Company considers unvested restricted shares, Class A Units and unvested LTIP 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 as their effect would have been antidilutive for the periods presented:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Unvested restricted shares (1)	579,965	403,999	501,450	402,354
Class A Units (2)	172,921	172,921	172,921	172,921
2018 LTIP Units (3)	—	4,496,796	—	4,496,796
2021 LTIP Units (3)	8,528,885	—	8,528,885	—
Total	9,281,771	5,073,716	9,203,256	5,072,071

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(1)Weighted-average number of shares of unvested restricted shares outstanding for the periods presented. There were 622,396 and 517,334 unvested restricted shares outstanding as of June 30, 2022 and 2021, respectively.

(2)Weighted-average number of Class A Units outstanding for the periods presented. There were 172,921 Class A Units outstanding as of June 30, 2022 and 2021.

(3)Weighted-average number of 2018 and 2021 LTIP Units outstanding for the periods presented. There were 8,528,885 2021 LTIP Units outstanding as of June 30, 2022 and 4,496,796 2018 LTIP Units outstanding as of June 30, 2021. For more information see Note 13 — Equity-Based Compensation.

If dilutive, conditionally issuable shares relating to the 2021 OPP award and 2018 OPP award would be included, as applicable, in the computation of fully diluted EPS on a weighted-average basis for the three and six months ended June 30, 2022 and 2021 based on shares that would be issued if the applicable balance sheet date was the end of the measurement period.

No LTIP Unit share equivalents were included in the computation for the three and six months ended June 30, 2022 and 2021 because (i) no LTIP Units would have been earned based on the trading price of Class A common stock including any cumulative dividends paid (since inception of the 2021 OPP and 2018 OPP) at June 30, 2022 and 2021 or (ii) the Company recorded a net loss to common stockholders for the period, thus any shares conditionally issuable under the LTIP Units would be antidilutive.