Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

9.Earnings Per Share

The following table provides a reconciliation of net (loss) 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,
	2024			2023
Numerators – Basic and Diluted
Net (loss) income	$	(23,552	)	$	15,302
Income attributable to non-controlling interests		—			(18	)
Preferred dividends		(2,789	)		(2,789	)
Earnings attributable to unvested shares and OP Units		(131	)		(107	)
Net (loss) income attributable to common shareholders after    allocation to participating securities	$	(26,472	)	$	12,388
Denominators – Number of Shares
Basic—Average shares outstanding		209,419			209,971
Assumed conversion of dilutive securities—PRSUs		—			436
Diluted—Average shares outstanding		209,419			210,407
(Loss) Earnings Per Share:
Basic	$	(0.13	)	$	0.06
Diluted	$	(0.13	)	$	0.06

For the three months ended March 31, 2024, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2024, March 2023 and March 2022 were antidilutive in the computation of diluted EPS due to the net loss. For the three months ended March 31, 2023, PRSUs issued to certain executives in March 2021 were considered in the computation of diluted EPS, and PRSUs issued in March 2023 and 2022 were not considered in the computation of diluted EPS, because they were antidilutive. In March 2024, the Company issued 178,527 common shares in settlement of PRSUs granted in 2021.

Common Share Dividends

The Company declared a quarterly cash dividend of $0.13 per common share for both the first quarter of 2024 and the first quarter of 2023.