Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share of Common Stock

v3.21.2
Earnings per Share of Common Stock
6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Earnings per Share of Common Stock Earnings per Share of Common StockBoth the net income or loss attributable to the non-controlling OP units and the non-controlling limited partners’ outstanding 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 Senior 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 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 June 30, Six Months Ended June 30,
2021 2020 2021 2020
Numerator: (in millions, except share and per share data)
Net income (loss) attributable to controlling stockholders and participating securities
$ 16.0  $ 12.0  $ 67.0  $ 36.3 
Less: Dividends and distributions on participating securities
(0.2) (0.2) (0.5) (0.5)
Less: Undistributed earnings attributable to participating securities —  —  (0.1) — 
Net income (loss) attributable to controlling stockholders — basic 15.8  11.8  66.4  35.8 
Add: Interest expense related to convertible notes under the if-converted method 0.3  —  4.3  — 
Add: Undistributed earnings attributable to participating securities —  —  0.1  — 
Net income (loss) attributable to controlling stockholders — dilutive $ 16.1  $ 11.8  $ 70.8  $ 35.8 
Denominator:
Weighted-average number of common shares — basic 78,372,647  72,914,145  77,935,264  70,043,125 
Weighted-average number of common shares — diluted 81,944,511  73,382,217  87,165,587  70,662,377 
Basic earnings per common share $ 0.20  $ 0.16  $ 0.85  $ 0.51 
Diluted earnings per common share $ 0.20  $ 0.16  $ 0.81  $ 0.51 
Securities being allocated a portion of earnings:
Weighted-average number of OP units 493,737  321,261  409,102  301,582 
As of June 30, 2021 As of June 30, 2020
Participating securities:
Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions outstanding at period end 567,088  657,841 
Potentially dilutive securities as of period end:
Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions
567,088  657,841 
Restricted stock units 81,846  235,866 
LTIP Units with market-based vesting conditions 347,478  312,704 
Potential shares of common stock related to convertible notes 8,490,305  5,513,244