Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

16.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).

	For the Year Ended December 31,
	2022			2021			2020
Numerators – Basic and Diluted
Net income	$	168,792		$	125,416		$	36,590
Income attributable to non-controlling interests		(73	)		(481	)		(869	)
Write-off of preferred share original issuance costs		—			(5,156	)		—
Preferred dividends		(11,156	)		(13,656	)		(20,531	)
Distributable earnings attributable to unvested shares and OP Units		(484	)		(572	)		(204	)
Net income attributable to common shareholders after    allocation to participating securities	$	157,079		$	105,551		$	14,986
Denominators – Number of Shares
Basic – Average shares outstanding		212,998			208,004			193,336
Assumed conversion of dilutive securities:
PRSUs		744			973			441
Forward equity		—			25			—
OP units		141			141			—
Diluted – Average shares outstanding		213,883			209,143			193,777
Earnings Per Share:
Basic	$	0.74		$	0.51		$	0.08
Diluted	$	0.73		$	0.51		$	0.08

Basic average shares outstanding do not include restricted shares totaling 0.7 million at December 31, 2022 and 0.9 million at each of the years ended December 31, 2021 and 2020 that were not vested (Note 15).

The following potentially dilutive securities were considered in the calculation of EPS:

•For the years ended December 31, 2022, 2021 and 2020, PRSUs issued to certain executives in March 2022, March 2021 and March 2020 were considered in the computation of dilutive EPS (Note 15).

•The exchange into common shares associated with OP Units was included in the computation of diluted EPS for the years ended December 31, 2022 and 2021. The exchange into common shares associated with OP Units was not included in the computation of diluted EPS for December 31, 2020, because the effect of assuming conversion was anti-dilutive (Note 12).

•The agreements to offer and sell approximately 2.2 million common shares on a forward basis were considered in the computation of diluted EPS for the year ended December 31, 2021 (Note 12). These agreements were anti-dilutive in 2022 and not outstanding in 2020.

•Options to purchase 0.2 million common shares were outstanding for the year ended December 31, 2022 and 0.3 million common shares were outstanding for each of the years ending December 31, 2021 and 2020 (Note 15). These outstanding options were not considered in the computation of diluted EPS, as the options were anti-dilutive.