Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share of Common Stock

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Earnings per Share of Common Stock
6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings per Share of Common Stock Earnings per Share of Common Stock
The 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 stockholders 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 or exchange 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 our common stock is as follows:

  Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Numerator: (in millions, except share and per share data)
Net income (loss) attributable to controlling stockholders and participating securities
$ 26.5  $ 13.5  $ 149.6  $ 37.6 
Less: Dividends and distributions on participating securities
(0.3) (0.2) (0.8) (0.5)
Less: Undistributed earnings attributable to participating securities —  —  (0.4) — 
Net income (loss) attributable to controlling stockholders — basic 26.2  13.3  148.4  37.1 
Add: Interest expense related to Convertible Notes under the if-converted method —  0.3  12.5  0.7 
Add: Undistributed earnings attributable to participating securities —  —  0.4  — 
Net income (loss) attributable to controlling stockholders — dilutive $ 26.2  $ 13.6  $ 161.3  $ 37.8 
Denominator:
Weighted-average number of common shares — basic 114,329,692  96,996,805  113,473,750  94,065,873 
Weighted-average number of common shares — diluted 114,433,285  99,989,158  131,922,504  97,075,329 
Basic earnings per common share $ 0.23  $ 0.14  $ 1.31  $ 0.39 
Diluted earnings per common share $ 0.23  $ 0.14  $ 1.22  $ 0.39 
Securities being allocated a portion of earnings:
Weighted-average number of OP units 1,529,282  1,331,877  1,461,584  1,259,246 
As of June 30, 2024 As of June 30, 2023
Participating securities:
Unvested restricted common stock and unvested LTIP Units with time-based vesting conditions outstanding at period end 858,423  630,420 
Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
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
858,423  630,420  858,423  630,420 
Restricted stock units 20,926  99,984  20,926  99,984 
LTIP Units with market-based vesting conditions 253,574  493,858  253,574  493,858 
Potential shares of common stock related to Convertible Notes 18,397,237  3,539,999  —  3,539,999