NET INCOME (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Net Income (Loss) per Share

The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted net income (loss) per share reported in the Consolidated Financial Statements for the years ended December 31, 2023, 2022, and 2021:


	(in thousands, except per share data)
	Year Ended December 31,
	2023		2022		2021
NUMERATOR


Net income (loss) attributable to controlling interests	41,325		(14,109)		(29)
Dividends to preferred shareholders	(6,428)		(6,428)		(6,428)

Numerator for basic income per share – net income (loss) available to common shareholders	34,897		(20,537)		(6,457)
Noncontrolling interests – Operating Partnership and Series E preferred units	4,877		(4,299)		(2,806)
Dividends to preferred unitholders(1)	—		640		640
Numerator for diluted income (loss) per share	$	39,774	$	(24,196)	$	(8,623)
DENOMINATOR
Denominator for basic income (loss) per share weighted average shares	14,994		15,216		13,803


Effect of Series E preferred units	2,100		—		—
Effect of diluted restricted stock awards and restricted stock units	24		—		—
Denominator for diluted income (loss) per share	17,118		15,216		13,803



NET INCOME (LOSS) PER COMMON SHARE – BASIC	$	2.33	$	(1.35)	$	(0.47)



NET INCOME (LOSS) PER COMMON SHARE – DILUTED	$	2.32	$	(1.35)	$	(0.47)

(1)For the year ended December 31, 2023, dividends to preferred unitholders of $640,000 were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive.