Year Ended December 31,

(dollars in thousands)

2021

2020

2019

Numerator:

(As Restated)

Net income (loss) attributable to Acadia

$

23,548

$

(8,976

)

$

53,717

Less: net income attributable to participating securities

(624

)

(233

)

(413

)

Income (loss) from continuing operations net of income attributable to participating securities

$

22,924

$

(9,209

)

$

53,304

Denominator:

Weighted average shares for basic earnings (loss) per share

87,653,818

86,441,922

84,435,826

Effect of dilutive securities:

Employee unvested restricted shares

—

Denominator for diluted earnings per share

87,653,818

86,441,922

84,435,826

Basic income (loss) and diluted earnings per Common Share from continuing operations attributable to Acadia

$

0.26

$

(0.11

)

$

0.63

Anti-Dilutive Shares Excluded from Denominator:

Series A Preferred OP Units

188

Series A Preferred OP Units - Common share equivalent

25,067

Series C Preferred OP Units

126,593

136,593

Series C Preferred OP Units - Common share equivalent

439,556

474,278

Restricted shares

70,827

76,394

40,821