Earnings Per Share

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
BASIC


Net income (loss) attributable to common shareholders	$	(1,931)	$	9,522
Weighted-average number of common shares outstanding - basic	291,288,383		290,080,508

Net income (loss) attributable to common shareholders - per common share basic	$	(0.01)	$	0.03

DILUTED
Net income (loss) attributable to common shareholders - basic	$	(1,931)	$	9,522


Impact of assumed conversions	—		3
Net income (loss) attributable to common shareholders	$	(1,931)	$	9,525

Weighted-average common shares outstanding - basic	291,288,383		290,080,508
Effect of dilutive securities:

Unvested share-based payment awards	—		127,871


Operating partnership units	—		832,087

Weighted-average common shares outstanding - diluted	291,288,383		291,040,466


Net income (loss) attributable to common shareholders - per common share diluted	$	(0.01)	$	0.03

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 March 31,
	2024	2023


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