NET INCOME (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Net Income (Loss) per Share

The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted net income (loss) per share reported in the Condensed Consolidated Financial Statements for the three months ended March 31, 2024 and 2023.  

	(in thousands, except per share data)
	Three Months Ended March 31,
	2024		2023
NUMERATOR
Net income (loss) attributable to controlling interests	$	(3,905)	$	43,571
Dividends to preferred shareholders	(1,607)		(1,607)
Numerator for basic income (loss) per share – net income (loss) available to common shareholders	(5,512)		41,964
Noncontrolling interests – Operating Partnership and Series E preferred units (1)	—		8,566
Dividends to Series D preferred unitholders (2)	—		160
Numerator for diluted income (loss) per share	$	(5,512)	$	50,690
DENOMINATOR
Denominator for basic income (loss) per share weighted average shares	14,922		15,025
Effect of redeemable operating partnership units	—		968
Effect of Series D preferred units	—		228
Effect of Series E preferred units	—		2,118
Effect of dilutive restricted stock units and stock options	—		20
Denominator for diluted income (loss) per share	14,922		18,359
NET INCOME (LOSS) PER COMMON SHARE – BASIC	$	(0.37)	$	2.79
NET INCOME (LOSS) PER COMMON SHARE – DILUTED	$	(0.37)	$	2.76

(1)For the three months ended March 31, 2024, the impact of Units and Series E preferred units was excluded from the calculation of net income (loss) per common share - diluted as they were anti-dilutive.

(2)For the three months ended March 31, 2024, dividends to preferred unitholders are excluded in the calculation of net income (loss) per common share - diluted as they were anti-dilutive.