Earnings Per Share

3 Months Ended

Mar. 31, 2023

The following is a summary of the basic and diluted net (loss) income per share computation for the periods presented:


	Three Months Ended March 31,
(In thousands, except share and per share data)	2023		2022
Net (loss) income attributable to common stockholders	$	(5,989)	$	5,483
Adjustments to net (loss) income attributable to common stockholders for common share equivalents	(239)		(222)
Adjusted net (loss) income attributable to common stockholders	$	(6,228)	$	5,261


Weighted average common shares outstanding — Basic and Diluted	103,782,949		103,596,182
Net (loss) income per share attributable to common stockholders — Basic and Diluted	$	(0.06)	$	0.05

Under current authoritative guidance for determining earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or

accumulated) and participation rights in undistributed earnings. The Company’s unvested Restricted Shares, unvested RSUs and unearned LTIP Units contain rights to receive distributions considered to be non-forfeitable, except in certain limited circumstances, and therefore the Company applies the two-class method of computing earnings per share. The calculation of earnings per share above excludes the distributions to the unvested Restricted Shares, unvested RSUs and unearned LTIP Units from the numerator.

Diluted net income per share assumes the conversion of all Common Stock share equivalents into an equivalent number of shares of Common Stock, unless the effect is anti-dilutive. The Company considers unvested Restricted Shares, unvested RSUs and unvested LTIP Units to be common share equivalents. The following table shows common share equivalents on a weighted average basis that were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023	2022
Unvested RSUs (1)	47,011	43,883
Unvested Restricted Shares (2)	359,840	305,105
LTIP Units (3)	2,500,000	2,500,000
Total common share equivalents excluded from EPS calculation	2,906,851	2,848,988

(1) There were 31,712 and 35,099 unvested RSUs issued and outstanding as of March 31, 2023 and 2022, respectively. See Note 13 — Equity-Based Compensation for additional information on the RSUs.

(2) There were 359,840 and 304,957 unvested Restricted Shares issued and outstanding as of March 31, 2023 and 2022, respectively. See Note 13 — Equity-Based Compensation for additional information on the Restricted Shares.

(3) There were 2,500,000 LTIP Units issued and outstanding under the 2021 OPP as of March 31, 2023 and 2022. See Note 13 — Equity-Based Compensation for additional information on the 2021 OPP.

Conditionally issuable shares relating to the 2021 OPP award would be included in the computation of fully diluted EPS (if dilutive) based on shares that would be issued as if the balance sheet date were the end of the measurement period. No LTIP Unit share equivalents were included in the computation for the three months ended March 31, 2023 and 2022.