Net Income (Loss) Per Share/Unit

9 Months Ended

Sep. 30, 2022

Net income (loss) per share/unit is calculated using a retroactive application of the Exchange Ratio and the one-for-twelve reverse stock split that occurred in conjunction with the Merger. The Company calculated net income or loss per share/unit using the treasury stock method.

The table below sets forth the computation of basic and diluted net income (loss) per share/unit for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,			Nine Months Ended September 30,
		2022		2021		2022		2021
		(In thousands, except per share/unit)
Continuing Operations:
Net income (loss) - Diluted		$	59,817	$	14,878	$	91,204	$	(38,928)
Less: Dividends on preferred units		—		—		—		(574)
Net income (loss) attributable to common shareholders/unitholders - Basic(1)		$	59,817	$	14,878	$	91,204	$	(39,502)

Basic weighted-average common shares/units outstanding		19,546		19,434		19,530		17,218
Effecting of dilutive securities:

Restricted shares/units		41		106		102		—
Diluted weighted-average common shares/units outstanding		19,587		19,540		19,632		17,218
Continuing Operations:
Basic net income (loss) per common share/unit		$	3.06	$	0.77	$	4.67	$	(2.29)
Diluted net income (loss) per common share/unit		$	3.05	$	0.76	$	4.65	$	(2.29)

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(1) Used in the basic and diluted net loss per share/unit calculation when the Company is in a net loss position.

For the three and nine months ended September 30, 2022 and 2021, the following shares/units were excluded from the calculation of diluted net income (loss) per share/unit due to their anti-dilutive effect:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
	(In thousands)

Restricted shares/units	293	127	232	228