Earnings Per Common Share

9 Months Ended

Sep. 30, 2021

EARNINGS PER COMMON SHARE

We determine “Basic earnings per share” using the two-class method as our unvested restricted share awards and units have non-forfeitable rights to dividends, and are therefore considered participating securities. We compute basic earnings per share by dividing net income less the allocation of undistributed earnings to unvested restricted share awards and units by the weighted-average number of common shares outstanding for the period.

We also determine “Diluted earnings per share” as the more dilutive of the two-class method or the treasury stock method with respect to the unvested restricted share awards. We further evaluate any other potentially dilutive securities at the end of the period and adjust the basic earnings per share calculation for the impact of those securities that are dilutive. Our dilutive earnings per share calculation includes the dilutive impact of operating partnership units under the if-converted method and our share based awards with performance conditions prior to the grant date and all market condition awards under the contingently issuable method.

The computations of basic and diluted earnings per share for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Loss from continuing operations	$	(22,330)	$	(7,043)	$	(46,344)	$	(24,714)

Allocation of earnings to unvested restricted share awards	121		(151)		(349)		(453)
Adjusted net loss from continuing operations	(22,209)		(7,194)		(46,693)		(25,167)
Income from discontinued operations	53,649		6,087		69,524		20,071
Allocation of earnings to unvested restricted share awards to discontinued operations	(283)		—		—		—
Adjusted income from discontinuing operations	53,366		6,087		69,524		20,071
Adjusted net income (loss)	$	31,157	$	(1,107)	$	22,831	$	(5,096)
Denominator:
Weighted average shares outstanding – basic and diluted	84,496		82,186		84,457		82,142





Earnings per common share, basic:
Continuing operations	$	(0.26)	$	(0.09)	$	(0.55)	$	(0.31)
Discontinued operations	0.63		0.07		0.82		0.24
Basic net income (loss) per common share (1)	$	0.37	$	(0.01)	$	0.27	$	(0.06)
Earnings per common share, diluted:
Continuing operations	$	(0.26)	$	(0.09)	$	(0.55)	$	(0.31)
Discontinued operations	0.63		0.07		0.82		0.24
Diluted net income (loss) per common share (1)	$	0.37	$	(0.01)	$	0.27	$	(0.06)

Dividends declared per common share	$	0.17	$	0.30	$	0.77	$	0.90

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(1) Earnings per share may not sum due to rounding