Earnings Per Share

12 Months Ended

Dec. 31, 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 each of the years in the three-year period ended December 31, 2023:


	2023		2022		2021
BASIC:


Net income attributable to common shareholders	$	23,863	$	107,307	$	375,848
Weighted-average number of common shares outstanding	290,245,877		279,887,760		277,640,835



Net income attributable to common shareholders - per common share basic	$	0.08	$	0.38	$	1.35


	2023		2022		2021
DILUTED:
Net income attributable to common shareholders - basic	$	23,863	$	107,307	$	375,848
Impact of assumed conversions	(58)		156		7,962


Net income attributable to common shareholders	$	23,805	$	107,463	$	383,810





Weighted-average common shares outstanding - basic	290,245,877		279,887,760		277,640,835
Effect of dilutive securities:
Unvested share-based payment awards and options	127,251		457,597		989,177
Shares issuable under forward sales agreements	—		1,274,842		2,110,315
Operating Partnership Units	820,386		853,259		1,918,845
Series C Cumulative Convertible Preferred	—		—		4,710,570

Weighted-average common shares outstanding - diluted	291,193,514		282,473,458		287,369,742




Net income attributable to common shareholders - per common share diluted	$	0.08	$	0.38	$	1.34

For per common share amounts, 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 for each of the years in the three-year period ended December 31, 2023:


	Years Ended December 31,
		2023	2022	2021
Unvested share-based payment awards		—	—	44,261
Preferred shares - Series C		4,710,570	4,710,570	—