Earnings Per Share

9 Months Ended

Sep. 30, 2023

A portion of the Company's non-vested share-based payment awards are considered participating securities and as such, the Company is required to use the two-class method for the computation of basic and diluted earnings per share. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The non-vested share-based payment awards are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
BASIC


Net income attributable to common shareholders	$	11,039	$	21,776	$	10,878	$	70,441
Weighted-average number of common shares outstanding - basic	290,291,609		277,535,717		290,187,124		281,559,058

Net income attributable to common shareholders - per common share basic	$	0.04	$	0.08	$	0.04	$	0.25

DILUTED
Net income attributable to common shareholders - basic	$	11,039	$	21,776	$	10,878	$	70,441


Impact of assumed conversions	15		11		(63)		147
Net income attributable to common shareholders	$	11,054	$	21,787	$	10,815	$	70,588

Weighted-average common shares outstanding - basic	290,291,609		277,535,717		290,187,124		281,559,058
Effect of dilutive securities:
Shares issuable under forward sales agreements	—		—		—		1,699,789
Unvested share-based payment awards	136,054		139,371		133,032		491,877


Operating partnership units	825,342		846,858		828,653		859,226

Weighted-average common shares outstanding - diluted	291,253,005		278,521,946		291,148,809		284,609,950


Net income attributable to common shareholders - per common share diluted	$	0.04	$	0.08	$	0.04	$	0.25

For per common share amounts, generally all incremental shares are considered anti-dilutive for periods that have a loss from continuing operations attributable to common shareholders. In addition, other common share equivalents may be anti-dilutive in certain periods.

Calculation of dilutive earnings requires certain potentially dilutive shares to be excluded when the inclusion of such shares would be anti-dilutive. The following table summarizes the potentially dilutive shares excluded from the dilutive earnings per share calculation as the inclusion of such shares would be anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Unvested share-based payment awards	—	—	—	23,175

Preferred shares - Series C	4,710,570	4,710,570	4,710,570	4,710,570