Earnings Per Share

12 Months Ended

Dec. 31, 2021

There are no adjustments to “Net income/(loss) applicable to Piedmont” for the diluted earnings per share computations.

Net income/(loss) per share-basic is calculated as net income/(loss) available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net income/(loss) per share-diluted is calculated as net income/(loss) available to common stockholders divided by the diluted weighted average number of common shares

outstanding during the period, including unvested deferred stock awards. Diluted weighted average number of common shares reflects the potential dilution under the treasury stock method that would occur if the remaining unvested and potential stock awards vested and resulted in additional common shares outstanding. Unvested and potential stock awards which are determined to be anti-dilutive are not included in the calculation of diluted weighted average common shares. For each of the years ended December 31, 2021, 2020, and 2019, Piedmont calculated and excluded weighted average outstanding anti-dilutive shares of approximately 1,114,025, 289,681, and 156,317, respectively.

The following table reconciles the denominator for the basic and diluted earnings per share computations shown on the consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019, respectively (in thousands):


	2021	2020	2019
Weighted-average common shares—basic	123,978	125,730	125,709
Plus: Incremental weighted-average shares from time-vested deferred and performance stock awards	—	374	473
Weighted-average common shares—diluted	123,978	126,104	126,182