EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2023

NOTE 14—EARNINGS PER SHARE

The following table shows the amounts used in computing our basic and diluted earnings per share (in thousands, except per share amounts):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator for basic and diluted earnings per share:
(Loss) income from continuing operations	$	(69,559)	$	3,063	$	54,419	$	2,453
Net (loss) income	(69,559)		3,063		54,419		2,453
Net income attributable to noncontrolling interests	1,565		1,807		4,573		4,881
Net (loss) income attributable to common stockholders	$	(71,124)	$	1,256	$	49,846	$	(2,428)
Denominator:
Denominator for basic earnings per share—weighted average shares	402,859		399,646		401,424		399,513
Effect of dilutive securities:
Stock options	—		—		—		11
Restricted stock awards	327		381		268		390
OP unitholder interests	3,469		3,516		3,474		3,517
Denominator for diluted earnings per share—adjusted weighted average shares	406,655		403,543		405,166		403,431
Basic earnings per share:
(Loss) income from continuing operations	$	(0.17)	$	0.01	$	0.14	$	0.01
Net (loss) income attributable to common stockholders	(0.18)		0.00		0.12		(0.01)
Diluted earnings per share: (1)
(Loss) income from continuing operations	$	(0.17)	$	0.01	$	0.13	$	0.01
Net (loss) income attributable to common stockholders	(0.18)		0.00		0.12		(0.01)

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(1) Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount.

The dilutive effect of our Exchangeable Notes is calculated using the if-converted method in accordance with ASU 2020-06. We are required, pursuant to the indenture governing the Exchangeable Notes, to settle the aggregate principal amount of the Exchangeable Notes in cash and may elect to settle any remaining exchange obligation (i.e., the stock price in excess of the exchange obligation) in cash, shares of our common stock, or a combination thereof. Under the if-converted method, we include the number of shares required to satisfy the exchange obligation, assuming all the Exchangeable Notes are exchanged. The average closing price of our common stock for the three and nine months ended September 30, 2023 is used as the basis for determining the dilutive effect on earnings per share. The average price of our common stock for each of the three and nine months ended September 30, 2023 was less than the initial exchange price of $54.81 and, therefore, all associated shares were antidilutive.