Earnings per Share

3 Months Ended

Mar. 31, 2021

Note 13 – Earnings per Share

The table below provides a reconciliation of net income (loss) and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares. Potentially dilutive securities consist of shares of non-vested restricted stock and the redeemable non-controlling interests in the Operating Partnership.

All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing EPS pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of EPS.

Earnings per share has not been presented for Class B shareholders, as they do not have economic rights.

(in thousands except per share amounts)	Three Months Ended March 31,
	2021			2020
Numerator - Basic and Diluted
Net loss		(10,933	)		(30,975	)
Net income attributable to non-controlling interests		3,213			10,311
Preferred dividends		(1,225	)		(1,225	)
Net loss attributable to common shareholders - Basic and diluted	$	(8,945	)	$	(21,889	)

Denominator - Basic and Diluted
Weighted average Class A common shares outstanding		39,477			37,232
Weighted average Class C common shares outstanding		—			—
Weighted average Class A and Class C common shares outstanding - Basic		39,477			37,232
Restricted shares and share units		—			—
Weighted average Class A and Class C common shares outstanding - Diluted		39,477			37,232

Net loss per share attributable to Class A and Class C common shareholders - Basic	$	(0.23	)	$	(0.59	)
Net loss per share attributable to Class A and Class C common shareholders - Diluted	$	(0.23	)	$	(0.59	)

No adjustments were made to the numerator for the three months ended March 31, 2021 or 2020 because the Company generated a net loss. During periods of net loss, undistributed losses are not allocated to the participating securities as they are not required to absorb losses.

No adjustments were made to the denominator for the three months ended March 31, 2021 or 2020 because (i) the inclusion of outstanding non-vested restricted shares would have had an anti-dilutive effect and (ii) including the non-controlling interest in the Operating Partnership would also require that the share of the Operating Partnership loss attributable to such interests be added back to net loss, therefore, resulting in no effect on earnings per share.

As of March 31, 2021 and December 31, 2020, there were 216,179 and 157,465 shares, respectively, of non-vested restricted shares outstanding.