EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

NOTE 15 – 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 Years Ended December 31,
	2023		2022		2021
Numerator for basic and diluted earnings per share:
(Loss) income from continuing operations	$	(30,297)	$	(40,931)	$	56,559

Net (loss) income	(30,297)		(40,931)		56,559
Net income attributable to noncontrolling interests	10,676		6,516		7,551
Net (loss) income attributable to common stockholders	$	(40,973)	$	(47,447)	$	49,008
Denominator:
Denominator for basic earnings per share—weighted average shares	401,809		399,549		382,785
Effect of dilutive securities:
Stock options	—		—		34
Restricted stock awards	389		390		365
OP unitholder interests	3,472		3,515		3,120
Denominator for diluted earnings per share—adjusted weighted average shares	405,670		403,454		386,304
Basic earnings per share:
(Loss) income from continuing operations	$	(0.08)	$	(0.10)	$	0.15
Net (loss) income attributable to common stockholders	(0.10)		(0.12)		0.13
Diluted earnings per share: (1)
(Loss) income from continuing operations	$	(0.08)	$	(0.10)	$	0.15
Net (loss) income attributable to common stockholders	(0.10)		(0.12)		0.13

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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.

There were 3.5 million, 3.6 million and 3.1 million anti-dilutive options outstanding for the years ended December 31, 2023, 2022 and 2021, respectively.

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 year ended December 31, 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 year ended December 31, 2023 was less than the initial exchange price of $54.81 and, therefore, all associated shares were antidilutive.