Earnings Per Share

3 Months Ended

Jun. 30, 2023

The components of the computation of basic and diluted EPS are as follows:


	Three-Month Period Ended				Six-Month Period Ended
(In thousands except share amounts)	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Net income (loss) attributable to common stockholders	$	2,898	$	(64,881)	$	41,814	$	(74,783)
Add: Net income (loss) attributable to Convertible Non-controlling Interests(1)	35		(824)		511		(949)
Net income (loss) attributable to common stockholders and Convertible Non-controlling Interests	2,933		(65,705)		42,325		(75,732)
Dividends declared:
Common stockholders	(30,223)		(27,008)		(60,520)		(53,197)
Convertible Non-controlling Interests	(367)		(342)		(734)		(674)
Total dividends declared to common stockholders and Convertible Non-controlling Interests	(30,590)		(27,350)		(61,254)		(53,871)
Undistributed (Distributed in excess of) earnings:
Common stockholders	(27,325)		(91,889)		(18,706)		(127,980)
Convertible Non-controlling Interests	(332)		(1,166)		(223)		(1,623)
Total undistributed (distributed in excess of) earnings attributable to common stockholders and Convertible Non-controlling Interests	$	(27,657)	$	(93,055)	$	(18,929)	$	(129,603)
Weighted average shares outstanding (basic and diluted):
Weighted average shares of common stock outstanding	67,162,253		60,028,141		66,918,505		58,827,747
Weighted average Convertible Non-controlling Interest Units outstanding	815,933		762,427		815,933		747,971
Weighted average shares of common stock and Convertible Non-controlling Interest Units outstanding	67,978,186		60,790,568		67,734,438		59,575,718
Basic earnings per share of common stock and Convertible Non-controlling Interest Unit:
Distributed	$	0.45	$	0.45	$	0.90	$	0.90
Undistributed (Distributed in excess of)	(0.41)		(1.53)		(0.28)		(2.17)
	$	0.04	$	(1.08)	$	0.62	$	(1.27)
Diluted earnings per share of common stock and Convertible Non-controlling Interest Unit:
Distributed	$	0.45	$	0.45	$	0.90	$	0.90
Undistributed (Distributed in excess of)	(0.41)		(1.53)		(0.28)		(2.17)
	$	0.04	$	(1.08)	$	0.62	$	(1.27)

(1)For the three-month periods ended June 30, 2023 and 2022, excludes net income (loss) of $1.8 million and $0.4 million, respectively, and for the six-month periods ended June 30, 2023 and 2022, excludes net income (loss) of $2.1 million and $0.1 million, respectively, attributable to joint venture partners and Longbridge, as applicable, which have non-participating interests as described in Note 17.