Earnings Per Share

6 Months Ended

Jun. 30, 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						Six Months
	Ended June 30,						Ended June 30,
	2023			2022			2023			2022
Numerators – Basic and Diluted
Net income	$	5,353		$	60,409		$	20,655		$	74,364
Income attributable to non-controlling interests		—			(19	)		(18	)		(37	)
Preferred dividends		(2,789	)		(2,789	)		(5,578	)		(5,578	)
Earnings attributable to unvested shares and OP units		(88	)		(125	)		(195	)		(251	)
Net income attributable to common shareholders after allocation to participating securities	$	2,476		$	57,476		$	14,864		$	68,498
Denominators – Number of Shares
Basic—Average shares outstanding		209,266			213,864			209,616			212,989
Assumed conversion of dilutive securities:
PRSUs		181			906			445			1,104
OP units		—			141			—			141
Diluted—Average shares outstanding		209,447			214,911			210,061			214,234
Earnings Per Share:
Basic	$	0.01		$	0.27		$	0.07		$	0.32
Diluted	$	0.01		$	0.27		$	0.07		$	0.32

For the three and six months ended June 30, 2023, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2021 were considered in the computation of diluted EPS. The PRSUs issued in March 2022 were considered in the computation of diluted EPS for the three months ended June 30, 2023 and not considered in the computation of diluted EPS for the six months ended June 30, 2023, because they were antidilutive. The PRSUs issued in March 2023 were not considered in the computation of diluted EPS because they were antidilutive for the three months ended June 30, 2023 and were considered in the computation of diluted EPS for the six months ended June 30, 2023. For the three and six months ended June 30, 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.