Earnings Per Share

9 Months Ended

Sep. 30, 2024

Prior to the commencement of trading on August 19, 2024, the Company effectuated a one-for-four reverse split of its common shares. The share amounts and earnings per share amounts disclosed below have been adjusted to reflect the one-for-four reverse stock split.

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						Nine Months
	Ended September 30,						Ended September 30,
	2024			2023			2024			2023
Numerators – Basic and Diluted
Net income	$	322,953		$	48,642		$	537,646		$	69,297
Income attributable to non-controlling interests		—			—			—			(18	)
Preferred dividends		(2,789	)		(2,789	)		(8,367	)	$	(8,367	)
Earnings attributable to unvested shares and OP Units		(1,171	)		(100	)		(2,005	)	$	(295	)
Net income attributable to common shareholders after allocation to participating securities	$	318,993		$	45,753		$	527,274		$	60,617
Denominators – Number of Shares
Basic—Average shares outstanding		52,400			52,322			52,381			52,376
Assumed conversion of dilutive securities—PRSUs		153			28			177			60
Diluted—Average shares outstanding		52,553			52,350			52,558			52,436
Earnings Per Share:
Basic	$	6.09		$	0.87		$	10.07		$	1.16
Diluted	$	6.07		$	0.87		$	10.03		$	1.16

For the three and nine months ended September 30, 2024, Performance Restricted Stock Units (“PRSUs”) issued in March 2024, March 2023 and March 2022 were considered in the computation of diluted EPS. The PRSUs issued in March 2021 were considered in the computation of diluted EPS for both the three and nine months ended September 30, 2023. The PRSUs issued in March 2022 were considered in the computation of diluted EPS for the three months ended September 30, 2023 and were not considered in the computation of diluted EPS for the nine months ended September 30, 2023 because they were antidilutive. PRSUs issued in March 2023 were not considered in the computation of diluted EPS for the three months ended September 30, 2023, because they were antidilutive and were considered in the computation of diluted EPS for the nine months ended September 30, 2023. In March 2024, the Company issued 44,631 common shares in settlement of PRSUs granted in March 2021.

Common Share Dividends

The Company declared cash dividends of $1.04 per common share and $1.56 per common share for the nine-month periods ended September 30, 2024 and 2023, respectively.