Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share

The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income (loss) attributable to common stockholders - basic and diluted:
Net income (loss) attributable to the Company	$	(6,946)	$	(18,677)	$	(24,887)	$	(79,538)
Less: Dividends on preferred stock	(1,977)		(2,554)		(6,258)		(7,664)

Less: Loss on extinguishment of preferred stock - Series B	(111)		—		(4,595)		—





Undistributed net income (loss) allocated to common stockholders	(9,034)		(21,231)		(35,740)		(87,202)

Distributed and undistributed net income (loss) - basic and diluted	$	(9,034)	$	(21,231)	$	(35,740)	$	(87,202)








Weighted average common shares outstanding:
Weighted average common shares outstanding – basic and diluted	59,207		33,923		48,954		33,103






Income (loss) per share - basic:


Net income (loss) allocated to common stockholders per share	$	(0.15)	$	(0.63)	$	(0.73)	$	(2.63)
Income (loss) per share - diluted:


Net income (loss) allocated to common stockholders per share	$	(0.15)	$	(0.63)	$	(0.73)	$	(2.63)

Summary of Computation of Diluted Income Per Share

Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income (loss) allocated to common stockholders is not adjusted for:


Income (loss) attributable to redeemable noncontrolling interests in operating partnership	$	(823)	$	(2,381)	$	(3,184)	$	(10,036)
Dividends on preferred stock - Series B	1,058		1,729		3,689		5,189

Loss on extinguishment of preferred stock - Series B	111		—		4,595		—
Interest expense on Convertible Senior Notes	1,361		—		2,010		—
Dividends on preferred stock - Series E	90		—		90		—
Dividends on preferred stock - Series M	4		—		4		—
Total	$	1,801	$	(652)	$	7,204	$	(4,847)
Weighted average diluted shares are not adjusted for:
Effect of unvested restricted shares	89		—		100		25

Effect of assumed conversion of operating partnership units	5,564		3,863		4,543		3,940
Effect of assumed conversion of preferred stock - Series B	4,115		6,728		4,781		6,728
Effect of assumed conversion of exchanged preferred stock - Series B	—		269		485		288
Effect of contingently issuable shares	—		10		—		3
Effect of assumed conversion of Convertible Senior Notes	13,609		—		6,730		—
Effect of assumed conversion of preferred stock - Series E	700		—		233		—
Effect of assumed conversion of preferred stock - Series M	32		—		11		—
Total	24,109		10,870		16,883		10,984