Earnings Per Share

12 Months Ended

Dec. 31, 2022

Note 15. Earnings Per Share

Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares that have non-forfeitable rights to receive dividends issued pursuant to the Company’s share-based compensation program are considered participating securities). Unvested restricted shares that are participating securities are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For 2022, 2021 and 2020, the Company had 0.2 million, 0.4 million and 0.4 million, respectively, of weighted average unvested restricted shares outstanding. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for 2022, 2021 and 2020, respectively:


	Years ended December 31,
	2022			2021			2020
Numerator
Net loss from continuing operations	$	(79,010,000	)	$	(35,672,000	)	$	(22,522,000	)
Preferred stock dividends		(10,752,000	)		(10,752,000	)		(10,752,000	)
Net loss (income) attributable to noncontrolling interests		355,000			(151,000	)		(423,000	)
Net earnings (loss) allocated to unvested shares		58,000			(117,000	)		(238,000	)
Loss from continuing operations, net of noncontrolling interest, attributable to vested common shares		(89,349,000	)		(46,692,000	)		(33,935,000	)
Income (loss) from discontinued operations, net of noncontrolling interests, attributable to vested common shares		122,686,000			(9,276,000	)		21,873,000
Net income (loss) attributable to vested common shares	$	33,337,000		$	(55,968,000	)	$	(12,062,000	)
Denominator
Weighted average number of vested common shares outstanding, basic and diluted		13,448,000			13,213,000			13,104,000
Net income (loss) per common share attributable to common shareholders (basic and diluted):
Continuing operations	$	(6.64	)	$	(3.53	)	$	(2.59	)
Discontinued operations		9.12			(0.71	)		1.67
	$	2.48		$	(4.24	)	$	(0.92	)

Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. For 2022, 2021 and 2020, no restricted stock units would have been issuable under the Company’s then-President and CEO market performance-based equity award (see Note 14, Share-Based Compensation) had the measurement period ended on December 31, 2022, 2021 and 2020, respectively, and therefore, this market performance-based equity

award had no impact in calculating diluted EPS for those periods. Net (income) loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no dilutive effect had such amounts been included. The weighted average number of OP Units outstanding was 44,000, 81,000 and 81,000 for 2022, 2021 and 2020, respectively.