EPS

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

EPS

EPS

We calculate basic EPS by dividing the net income (loss) attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. We calculate diluted EPS by dividing the net income (loss) attributable to common stockholders for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. We account for unvested LTIP awards that contain non-forfeitable rights to dividends as participating securities and include these securities in the computation of basic and diluted EPS using the two-class method. The table below presents the calculation of basic and diluted EPS:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator (In thousands):
Net (loss) income attributable to common stockholders	$	(7,262)	$	24,374	$	11,111	$	49,888
Allocation to participating securities: Unvested LTIP Units	(277)		(222)		(560)		(448)
Net (loss) income attributable to common stockholders - basic and diluted	$	(7,539)	$	24,152	$	10,551	$	49,440
Denominator (In thousands):
Weighted average shares of common stock outstanding - basic and diluted(1)	169,256		175,784		172,492		175,720
Net (loss) income per common share - basic and diluted	$	(0.04)	$	0.14	$	0.06	$	0.28

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(1) Outstanding OP Units and vested LTIP Units are not included in the denominator in calculating diluted EPS, even though they may be exchanged under certain conditions for common stock on a one-for-one basis, because their associated net income or loss (equal on a per unit basis to the Net income or loss per common share - diluted) was already deducted in calculating Net income (loss) attributable to common stockholders. Accordingly, any exchange would not have any effect on diluted EPS. The table below presents the weighted average OP Units and vested LTIP Units outstanding for the respective periods:

	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands)	2023	2022	2023	2022
OP Units	30,314	29,346	30,222	29,356
Vested LTIP Units	2,225	1,492	2,307	1,542