Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

9. 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
	Ended March 31,
	2022			2021
Numerators – Basic and Diluted
Net income	$	13,955		$	16,181
Income attributable to non-controlling interests		(18	)		(173	)
Preferred dividends		(2,789	)		(5,133	)
Earnings attributable to unvested shares and OP units		(126	)		(115	)
Net income attributable to common shareholders after    allocation to participating securities	$	11,022		$	10,760
Denominators – Number of Shares
Basic—Average shares outstanding		212,103			198,534
Assumed conversion of dilutive securities:
PRSUs		1,100			911
Diluted—Average shares outstanding		213,203			199,445
Earnings Per Share:
Basic	$	0.05		$	0.05
Diluted	$	0.05		$	0.05

For the three months ended March 31, 2022, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2022, March 2021, March 2020 and March 2019 were considered in the computation of dilutive EPS.  For the three months ended March 31, 2021, PRSUs issued to certain executives in March 2021, March 2020, March 2019 and March 2018 were

considered in the computation of diluted EPS.  The Company recorded a mark-to-market adjustment of $5.6 million as expense for the three months ended March 31, 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.  

The 2021 forward equity agreements aggregating 2.2 million common shares were not considered in the computation of diluted EPS prior to settlement for the three-month period ended March 31, 2022 (Note 8).  These agreements were not outstanding in the first quarter of 2021.