Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

12.Earnings Per Share

The following table provides a reconciliation of net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts).

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2022			2021			2022			2021
Numerators – Basic and Diluted
Net income	$	66,213		$	28,157		$	140,577		$	66,325
Income attributable to non-controlling interests		(18	)		(93	)		(55	)		(384	)
Write-off of preferred share original issuance costs		—			—			—			(5,156	)
Preferred dividends		(2,789	)		(2,789	)		(8,367	)		(10,867	)
Earnings attributable to unvested shares and OP units		(117	)		(150	)		(368	)		(450	)
Net income attributable to common shareholders after    allocation to participating securities	$	63,289		$	25,125		$	131,787		$	49,468
Denominators – Number of Shares
Basic—Average shares outstanding		213,846			211,048			213,278			206,918
Assumed conversion of dilutive securities:
PRSUs		341			1,114			441			1,146
Forward equity		—			29			—			10
OP units		141			—			141			—
Diluted—Average shares outstanding		214,328			212,191			213,860			208,074
Earnings Per Share:
Basic	$	0.30		$	0.12		$	0.62		$	0.24
Diluted	$	0.30		$	0.12		$	0.62		$	0.24

For the three and nine months ended September 30, 2022, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2020 were considered in the computation of diluted EPS and the PRSUs issued in March 2022 and March 2021 were not considered in computing diluted EPS because they were antidilutive. For the three and nine months ended September 30, 2021, PRSUs issued to certain executives in March 2021, March 2020 and March 2019 were considered in the computation of diluted EPS. The Company recorded a mark-to-market adjustment of $5.6 million as expense for the nine months ended September 30, 2021, in connection with the PRSUs granted in March 2018. In March 2022, the Company issued 519,255 common shares in settlement of certain PRSUs granted in 2019 and 2020.

The agreements to offer and sell approximately 1.7 million common shares on a forward basis were considered in the computation of diluted EPS for the three and nine months ended September 30, 2021. These shares were settled in the first quarter of 2022 (Note 9).