Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share of Common Stock

v3.23.3
Earnings per Share of Common Stock
9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings per Share of Common Stock Earnings per Share of Common StockThe net income or loss attributable to the non-controlling OP units have been excluded from the basic earnings per share and the diluted earnings per share calculations attributable to common stockholders. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are excluded from net income available to common shareholders in the computation of earnings per share pursuant to the two-class method. Certain share-based awards are included in the diluted share count to the extent they are dilutive as discussed in Note 2 to our financial statements in this Form 10-Q. To the extent our Convertible Notes are dilutive under the if-converted method, we add back the interest expense to the numerator and include the weighted average shares of potential common stock over the period issuable upon conversion or exchange of the note in the denominator in calculating dilutive EPS as described in Note 2 to our financial statements in this Form 10-Q.
The computation of basic and diluted earnings per common share of common stock is as follows:

  Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Numerator: (in millions, except share and per share data)
Net income (loss) attributable to controlling stockholders and participating securities
$ 21.4  $ 34.5  $ 59.1  $ 61.4 
Less: Dividends and distributions on participating securities
(0.2) (0.1) (0.8) (0.5)
Less: Undistributed earnings attributable to participating securities —  —  —  — 
Net income (loss) attributable to controlling stockholders — basic 21.2  34.4  58.3  60.9 
Add: Interest expense related to Convertible Notes under the if-converted method 0.2  0.3  0.9  1.0 
Add: Undistributed earnings attributable to participating securities —  —  —  — 
Net income (loss) attributable to controlling stockholders — dilutive $ 21.4  $ 34.7  $ 59.2  $ 61.9 
Denominator:
Weighted-average number of common shares — basic 107,715,057  87,721,756  98,665,598  86,784,895 
Weighted-average number of common shares — diluted 109,145,088  90,762,820  101,142,782  89,928,741 
Basic earnings per common share $ 0.20  $ 0.39  $ 0.59  $ 0.70 
Diluted earnings per common share $ 0.20  $ 0.38  $ 0.59  $ 0.69 
Securities being allocated a portion of earnings:
Weighted-average number of OP units 1,365,040  1,136,809  1,294,511  955,574 
As of September 30, 2023 As of September 30, 2022
Participating securities:
Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions outstanding at period end 613,373  392,602 
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Potentially dilutive securities as of period end that were not dilutive for the presented periods:
Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions
613,373  392,602  613,373  392,602 
Restricted stock units 97,890  39,438  97,890  39,438 
LTIP Units with market-based vesting conditions 493,858  211,824  493,858  211,824 
Potential shares of common stock related to Convertible Notes 18,374,760  3,537,460  18,374,760  3,537,460