EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted EPS

The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2023 and 2022.


	(in thousands, except per share data)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
NUMERATOR


Net income (loss) attributable to controlling interests	$	7,774	$	(523)	$	49,482	$	(12,103)
Dividends to preferred shareholders	(1,607)		(1,607)		(4,821)		(4,821)

Numerator for basic earnings (loss) per share – net income (loss) available to common shareholders	6,167		(2,130)		44,661		(16,924)
Noncontrolling interests – Operating Partnership and Series E preferred units(1)	1,204		(439)		6,233		(3,546)

Dividends to preferred unitholders(2)	—		160		480		480
Numerator for diluted earnings (loss) per share	$	7,371	$	(2,409)	$	51,374	$	(19,990)
DENOMINATOR
Denominator for basic earnings per share weighted average shares	14,989		15,373		14,988		15,280
Effect of redeemable operating partnership units(1)	908		—		—		—
Effect of Series D preferred units(2)	—		—		228		—
Effect of Series E preferred units	2,093		—		2,105		—
Effect of dilutive restricted stock units and stock options	28		—		23		—
Denominator for diluted earnings per share	18,018		15,373		17,344		15,280



NET INCOME (LOSS) PER COMMON SHARE – BASIC	$	0.41	$	(0.14)	$	2.98	$	(1.11)



NET INCOME (LOSS) PER COMMON SHARE – DILUTED	$	0.41	$	(0.14)	$	2.96	$	(1.11)

(1)For the nine months ended September 30, 2023, the impact of Units was excluded from the calculation of calculation of net income (loss) per common share - diluted as they were anti-dilutive.

(2)For the three months ended September 30, 2023, dividends to preferred unitholders and the effect of Series D preferred units are excluded in the calculation of net income (loss) per common share - diluted as they were anti-dilutive.