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Earnings Per Common Share (Tables)
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(dollars in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Numerator:

 

 

 

 

(As Restated)

 

 

 

 

 

(As Restated)

 

Net (loss) income attributable to Acadia

 

$

(55,891

)

 

$

12,007

 

 

$

(39,427

)

 

$

20,535

 

Less: net income attributable to participating securities

 

 

(198

)

 

 

(156

)

 

 

—

 

 

 

(468

)

(Loss) income from continuing operations net of income attributable to participating securities for basic (loss) earnings per share

 

 

(56,089

)

 

 

11,851

 

 

 

(39,427

)

 

 

20,067

 

Impact of City Point Loan share conversion option (a)

 

 

(1,804

)

 

 

—

 

 

 

(1,804

)

 

 

—

 

(Loss) income from continuing operations net of income attributable to participating securities for diluted (loss) earnings per share

 

$

(57,893

)

 

$

11,851

 

 

$

(41,231

)

 

$

20,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic earnings per share

 

 

94,980,333

 

 

 

88,480,844

 

 

 

94,757,678

 

 

 

87,217,422

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Series A Preferred OP Units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Employee unvested restricted shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

City Point Loan common stock conversion option (Note 10) (a)

 

 

270,635

 

 

 

—

 

 

 

91,203

 

 

 

—

 

Denominator for diluted earnings per share

 

 

95,250,968

 

 

 

88,480,844

 

 

 

94,848,881

 

 

 

87,217,422

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(0.59

)

 

$

0.13

 

 

$

(0.42

)

 

$

0.23

 

Diluted (loss) earnings per Common Share from continuing operations attributable to Acadia

 

$

(0.61

)

 

$

0.13

 

 

$

(0.43

)

 

$

0.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anti-Dilutive Shares Excluded from Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Series A Preferred OP Units

 

 

188

 

 

 

188

 

 

 

188

 

 

 

188

 

Series A Preferred OP Units - Common share equivalent

 

 

25,067

 

 

 

25,067

 

 

 

25,067

 

 

 

25,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series C Preferred OP Units

 

 

126,593

 

 

 

126,593

 

 

 

126,593

 

 

 

126,593

 

Series C Preferred OP Units - Common share equivalent

 

 

439,556

 

 

 

439,556

 

 

 

439,556

 

 

 

439,556

 

Restricted shares

 

 

69,832

 

 

 

70,827

 

 

 

69,832

 

 

 

70,827

 
The impact of assumed conversion of dilutive convertible securities is related to the assumed conversion of potential common shares of the Company that could be subsequently issued in connection with the City Point Loan (Note 10) for the stub-period until the put rights were modified for a cash-only settlement option in the third quarter of 2022.