Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of Change in Net Income Attributable to Common Shareholders

The following is net income attributable to common stockholders and the issuance of our class A shares in exchange for the conversion of OP Units into common stock (amounts in thousands):

	Year ended December 31,
	2020		2019		2018
Net income attributable to common stockholders	$	(16,712)	$	49,445	$	65,603
Increase in additional paid-in capital for the conversion of OP Units into common stock	30,170		27,740		70,452
Change from net income attributable to common stockholders and transfers from noncontrolling interests	$	13,458	$	77,185	$	136,055

Schedule of Equity Securities Repurchased

The following table summarizes our purchases of equity securities for the year ended December 31, 2020:    

Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan	Maximum Approximate Dollar Value Available for Future Purchase (in thousands)
Year ended December 31, 2020	17,279,252	$	8.32	17,279,252	$	356,287

Dividends Declared

The following table summarizes the dividends paid on our Class A common stock and Class B common stock for the years ended December 31, 2020, 2019 and 2018:    

Record Date	Payment Date	Amount per Share
June 19, 2020	June 30, 2020	$0.105
March 16, 2020	March 31, 2020	$0.105
December 23, 2019	December 31, 2019	$0.105
September 16, 2019	September 30, 2019	$0.105
June 14, 2019	June 28, 2019	$0.105
March 15, 2019	March 29, 2019	$0.105
December 17, 2018	December 31, 2018	$0.105
September 14, 2018	September 28, 2018	$0.105
June 15, 2018	June 29, 2018	$0.105
March 15, 2018	March 30, 2018	$0.105

Summary of Restricted Stock and Long-Term Incentive Plan Activity

The following is a summary of restricted stock and LTIP unit activity for the year ended December 31, 2020:

	Restricted Stock	LTIP Units	Weighted Average Grant Fair Value
Unvested balance at December 31, 2019	118,918	5,986,569	$	9.73
Vested	(58,326)	(1,052,692)	14.04
Granted	161,449	5,042,810	5.44
Forfeited or unearned	(4,341)	(2,226,403)	7.55
Unvested balance at December 31, 2020	217,700	7,750,284	$	6.94

Schedule of Earnings Per Share, Basic and Diluted

Earnings per share for the years ended December 31, 2020, 2019 and 2018 is computed as follows (amounts in thousands, except per share amounts):

	For the Year Ended December 31,
	2020		2019		2018
Numerator - Basic:
Net income (loss)	$	(22,889)	$	84,290	$	117,253
Private perpetual preferred unit distributions	(4,197)		(1,743)		(936)
Net income attributable to non-controlling interests	10,374		(33,102)		(50,714)
Earnings allocated to unvested shares	(60)		(45)		(38)
Net income (loss) attributable to common stockholders - basic	$	(16,772)	$	49,400	$	65,565
Numerator - Diluted:
Net income (loss)	$	(22,889)	$	84,290	$	117,253
Private perpetual preferred unit distributions	(4,197)		(1,743)		(936)
Earnings allocated to unvested shares	(60)		(45)		(38)
Net income (loss) attributable to common stockholders - diluted	$	(27,146)	$	82,502	$	116,279
Denominator:
Weighted average shares outstanding - basic	175,169		178,340		167,571
Operating partnership units	108,657		119,458		129,687
Effect of dilutive securities:
Stock-based compensation plans	11		—		1
Weighted average shares outstanding - diluted	283,837		297,798		297,259
Earnings per share - basic	$	(0.10)	$	0.28	$	0.39
Earnings per share - diluted	$	(0.10)	$	0.28	$	0.39