Annual report pursuant to Section 13 and 15(d)

Earnings per Share of Common Stock (Tables)

v3.22.4
Earnings per Share of Common Stock (Tables)
12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Common Share of Common Stock
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