Shareholders' Equity and Earnings (Loss) Per Common Share

12 Months Ended

Dec. 31, 2021

Shareholders' Equity and Earnings (Loss) Per Common Share

Shareholders' Equity and Earnings (Loss) Per Common Share

16.          Shareholders' Equity and Earnings (Loss) Per Common Share

Common Shares Repurchased

In March 2020, our Board of Trustees authorized the repurchase of up to $500.0 million of our outstanding common shares. During the year ended December 31, 2021, we repurchased and retired 5.4 million common shares for $157.7 million, a weighted average purchase price per share of $29.34. During the year ended December 31, 2020, we repurchased and retired 3.8 million common shares for $104.8 million, a weighted average purchase price per share of $27.72. Since we began the share repurchase program, we have repurchased and retired 9.1 million common shares for $262.4 million, a weighted average purchase price per share of $28.67.

Shareholders' Equity

In April 2019, we closed an underwritten public offering of 11.5 million common shares (including 1.5 million common shares related to the exercise of the underwriters' option to cover overallotments) at $42.00 per share, which generated net proceeds, after deducting the underwriting discounts and commissions and other offering expenses, of $472.8 million.

Earnings (Loss) Per Common Share

The following is a summary of the calculation of basic and diluted earnings (loss) per common share and a reconciliation of the amounts of net income (loss) available to common shareholders used in calculating basic and diluted earnings (loss) per common share to net income (loss):

	Year Ended December 31,
	2021		2020		2019
	(In thousands, except per share amounts)
Net income (loss)	$	(89,725)	$	(67,261)	$	74,144
Net (income) loss attributable to redeemable noncontrolling interests		8,728		4,958		(8,573)
Net loss attributable to noncontrolling interests		1,740		—		—
Net income (loss) attributable to common shareholders		(79,257)		(62,303)		65,571
Distributions to participating securities		(2,854)		(3,100)		(2,489)
Net income (loss) available to common shareholders - basic and diluted	$	(82,111)	$	(65,403)	$	63,082
Weighted average number of common shares outstanding - basic and diluted		130,839		133,451		130,687
Earnings (loss) per common share - basic and diluted	$	(0.63)	$	(0.49)		0.48

The effect of the redemption of OP Units, Time-Based LTIP Units, fully vested LTIP Units and Special Time-Based LTIP Units that were outstanding as of December 31, 2021 and 2020 is excluded in the computation of diluted earnings (loss) per common share as the assumed exchange of such units for common shares on a one-for-one basis was antidilutive (the assumed redemption of these units would have no impact on the determination of diluted earnings (loss) per share). Since OP Units, Time-Based LTIP Units, LTIP Units and Special Time-Based LTIP Units, which are held by noncontrolling interests, are attributed gains at an identical proportion to the common shareholders, the gains attributable and their equivalent weighted average impact are excluded from net income (loss) available to common shareholders and from the weighted average number of common shares outstanding in calculating diluted earnings (loss) per common share. Performance-Based LTIP Units, Formation Awards and RSUs, which totaled 4.5 million, 4.7 million and 4.7 million for each of the three years in the period ended December 31, 2021, were excluded from the calculation of diluted earnings (loss) per common share as they were antidilutive, but potentially could be dilutive in the future.