Annual report pursuant to Section 13 and 15(d)

Earnings per Share of Common Stock

v3.22.4
Earnings per Share of Common Stock
12 Months Ended
Dec. 31, 2022
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 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 of the note in the denominator in calculating dilutive EPS as described in Note 2.
The computation of basic and diluted earnings per common share of common stock is as follows:
  Year ended December 31,
Numerator: 2022 2021 2020
  (dollars in millions, except share and per share data)
Net income (loss) attributable to controlling stockholders and participating securities
$ 41.5  $ 126.6  $ 82.4 
Less: Dividends and distributions to participating securities (0.7) (0.9) (0.9)
Undistributed earnings attributable to participating securities —  —  — 
Net income (loss) attributable to controlling stockholders $ 40.8  $ 125.7  $ 81.5 
Add: Interest expense related to convertible notes under the if-converted method
1.4  6.3  0.4 
Net income (loss) attributable to controlling stockholders—diluted $ 42.2  $ 132.0  $ 81.9 
Denominator:
Weighted-average number of common shares—basic 87,500,799  79,992,922  72,387,581 
Weighted-average number of common shares—diluted 90,609,329  87,671,641  74,373,169 
Basic earnings per common share $ 0.47  $ 1.57  $ 1.13 
Diluted earnings per common share $ 0.47  $ 1.51  $ 1.10 
Securities being allocated a portion of earnings:
Weighted-average number of OP units 1,002,002  485,013  309,465 
Participating securities:
Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions outstanding at period end 445,218  577,594  652,859 
Potentially dilutive securities as of period end:
Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions 445,218  577,594  652,859 
Restricted stock units 58,404  78,366  235,600 
LTIP Units with market-based vesting conditions 324,028  347,478  312,704 
Potential shares of common stock related to convertible notes 6,520,615  3,274,300  8,487,800