Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

11.Earnings Per Share

The following table provides a reconciliation of net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts).

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2022			2021			2022			2021
Numerators – Basic and Diluted
Net income	$	60,409		$	21,987		$	74,364		$	38,168
Income attributable to non-controlling interests		(19	)		(118	)		(37	)		(291	)
Write-off of preferred share original issuance costs		—			(5,156	)		—			(5,156	)
Preferred dividends		(2,789	)		(2,945	)		(5,578	)		(8,078	)
Earnings attributable to unvested shares and OP units		(125	)		(151	)		(251	)		(299	)
Net income attributable to common shareholders after    allocation to participating securities	$	57,476		$	13,617		$	68,498		$	24,344
Denominators – Number of Shares
Basic—Average shares outstanding		213,864			211,035			212,989			204,819
Assumed conversion of dilutive securities:
PRSUs		906			846			1,104			808
OP units		141			—			141			—
Diluted—Average shares outstanding		214,911			211,881			214,234			205,627
Earnings Per Share:
Basic	$	0.27		$	0.06		$	0.32		$	0.12
Diluted	$	0.27		$	0.06		$	0.32		$	0.12

For the three and six months ended June 30, 2022, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2022, March 2021 and March 2020 were considered in the computation of dilutive EPS. For the three and six months ended June 30, 2021, PRSUs issued to certain executives in March 2020 and March 2019 were considered in the computation of diluted EPS. For the three and six months ended June 30, 2021, the PRSUs issued in March 2021 were anti-dilutive and, therefore, not considered in the computation of diluted EPS. The Company recorded a mark-to-market adjustment of $5.6 million as expense for the six months ended June 30, 2021, in connection with the PRSUs granted in March 2018. In March 2022, the Company issued 519,255 common shares in settlement of certain PRSUs granted in 2019 and 2020.