Earnings Per Share

3 Months Ended

Mar. 31, 2023

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
	Ended March 31,
	2023			2022
Numerators – Basic and Diluted
Net income	$	15,302		$	13,955
Income attributable to non-controlling interests		(18	)		(18	)
Preferred dividends		(2,789	)		(2,789	)
Earnings attributable to unvested shares and OP units		(107	)		(126	)
Net income attributable to common shareholders after allocation to participating securities	$	12,388		$	11,022
Denominators – Number of Shares
Basic—Average shares outstanding		209,971			212,103
Assumed conversion of dilutive securities:
PRSUs		436			1,100
Diluted—Average shares outstanding		210,407			213,203
Earnings Per Share:
Basic	$	0.06		$	0.05
Diluted	$	0.06		$	0.05

For the three months ended March 31, 2023, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2021 were considered in the computation of diluted EPS and the PRSUs issued in March 2023 and March 2022 were not considered in computing diluted EPS because they were antidilutive. For the three months ended March 31, 2022, PRSUs issued to certain executives in March 2022, 2021 and 2020 were considered in the computation of diluted EPS. In March 2023, the Company issued 559,559 common shares in settlement of PRSUs granted in 2020.