Earnings per share

3 Months Ended

Mar. 31, 2021

Basic income (loss) per share is calculated by dividing the net income (loss) attributable to common shares by the weighted average number of common shares outstanding during the period. Diluted income (loss) per share adjusts basic income per share for the effects of potentially dilutive common shares. Unvested restricted stock awards and our forward sale contracts described in Note 9 contain non-forfeitable rights to dividends and thus are participating securities and are included in the computation of basic earnings per share pursuant to the two-class method for all periods presented. The two-class method is an earnings allocation formula that treats a participating security as having rights to undistributed earnings that would otherwise have been available to common stockholders. Accordingly, service-based restricted stock awards and the forward sale contracts were included in the calculation of basic earnings per share using the two-class method for all periods presented to the extent outstanding during the period.

The computation of basic and diluted net income (loss) per share is as follows (in thousands, except per share data, and unaudited):


	Three Months Ended March 31,
	2021		2020
Numerator:
Net income	$	7,918	$	8,120
Income attributable to noncontrolling interests	(79)		(110)
Preferred stock dividends	(7,045)		(7,045)
Earnings attributable to participating securities	(5,285)		(1,596)
Net loss available to common stockholders after allocation to participating securities	$	(4,491)	$	(631)
Denominator:
Weighted average shares outstanding - basic	64,442		58,038
Effect of Class O units, TSR units, FFO units and options to purchase Class A common stock on an "as if" converted basis	—		—
Weighted average shares outstanding - diluted	64,442		58,038

Basic net loss per share *	$	(0.07)	$	(0.01)

Diluted net loss per share *	$	(0.07)	$	(0.01)

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*Note: The calculations of basic and diluted net income (loss) per share above do not include the following number of Class A partnership units, Class O units, TSR units, FFO units and options to purchase common stock on an “as if” converted basis, and the effects of Series B Convertible preferred stock on an “as if” converted basis, as their respective inclusions would have been antidilutive:


	Three Months Ended March 31,
	2021	2020
Class A Partnership units	6,466	6,671
Class O units, TSR units, FFO units and options to purchase common stock on an "as if" converted basis	1,212	655
Series B Convertible preferred stock on an "as if" converted basis	6,779	6,749