| 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 our common stock is as follows:
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Three Months Ended March 31, |
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2024 |
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2023 |
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| Numerator: |
(in millions, except share and per share data) |
Net income (loss) attributable to controlling stockholders and participating securities |
$ |
123.0 |
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$ |
24.1 |
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Less: Dividends and distributions on participating securities |
(0.4) |
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(0.3) |
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| Less: Undistributed earnings attributable to participating securities |
(0.5) |
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— |
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| Net income (loss) attributable to controlling stockholders — basic |
122.1 |
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23.8 |
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| Add: Interest expense related to Convertible Notes under the if-converted method |
6.2 |
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0.3 |
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| Add: Undistributed earnings attributable to participating securities |
0.5 |
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— |
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| Net income (loss) attributable to controlling stockholders — dilutive |
$ |
128.8 |
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$ |
24.1 |
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| Denominator: |
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| Weighted-average number of common shares — basic |
112,617,809 |
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91,102,374 |
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| Weighted-average number of common shares — diluted |
130,998,775 |
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94,129,174 |
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| Basic earnings per common share |
$ |
1.08 |
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$ |
0.26 |
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| Diluted earnings per common share |
$ |
0.98 |
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$ |
0.26 |
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| Securities being allocated a portion of earnings: |
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| Weighted-average number of OP units |
1,393,885 |
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1,186,616 |
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As of March 31, 2024 |
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As of March 31, 2023 |
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| Participating securities: |
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| Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions outstanding at period end |
982,670 |
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680,917 |
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Three Months Ended March 31, |
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2024 |
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2023 |
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| 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 |
982,670 |
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680,917 |
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| Restricted stock units |
80,438 |
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99,884 |
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| LTIP Units with market-based vesting conditions |
535,608 |
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493,858 |
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| Potential shares of common stock related to Convertible Notes |
— |
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3,537,460 |
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