Earnings Per Share

6 Months Ended

Jun. 30, 2024

A portion of the Company's non-vested share-based payment awards are considered participating securities and as such, the Company is required to use the two-class method for the computation of basic and diluted earnings per share. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The non-vested share-based payment awards are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
BASIC


Net income (loss) attributable to common shareholders	$	3,775	$	(9,683)	$	1,844	$	(161)
Weighted-average number of common shares outstanding - basic	291,403,985		290,186,934		291,346,184		290,134,015

Net income (loss) attributable to common shareholders - per common share basic	$	0.01	$	(0.03)	$	0.01	$	—

DILUTED
Net income (loss) attributable to common shareholders - basic	$	3,775	$	(9,683)	$	1,844	$	(161)


Impact of assumed conversions	—		(81)		—		(77)
Net income (loss) attributable to common shareholders	$	3,775	$	(9,764)	$	1,844	$	(238)

Weighted-average common shares outstanding - basic	291,403,985		290,186,934		291,346,184		290,134,015
Effect of dilutive securities:

Unvested share-based payment awards	211,365		—		105,682		—


Operating partnership units	—		828,603		—		830,335

Weighted-average common shares outstanding - diluted	291,615,350		291,015,537		291,451,866		290,964,350


Net income (loss) attributable to common shareholders - per common share diluted	$	0.01	$	(0.03)	$	0.01	$	—

For per common share amounts, generally all incremental shares are considered anti-dilutive for periods that have a loss from continuing operations attributable to common shareholders. In addition, other common share equivalents may be anti-dilutive in certain periods.

Calculation of dilutive earnings requires certain potentially dilutive shares to be excluded when the inclusion of such shares would be anti-dilutive. The following table summarizes the potentially dilutive shares excluded from the dilutive earnings per share calculation as the inclusion of such shares would be anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Unvested share-based payment awards	—	135,172	—	131,522

Preferred shares - Series C	4,710,570	4,710,570	4,710,570	4,710,570