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Earnings Per Share (Tables)
12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS

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