| 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 September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
| Numerator: |
(in millions, except share and per share data) |
Net income (loss) attributable to controlling stockholders and participating securities |
$ |
(19.6) |
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$ |
21.4 |
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$ |
129.9 |
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$ |
59.1 |
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Less: Dividends and distributions on participating securities |
(0.4) |
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(0.2) |
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(1.1) |
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(0.8) |
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| Less: Undistributed earnings attributable to participating securities |
— |
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— |
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— |
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— |
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| Net income (loss) attributable to controlling stockholders — basic |
(20.0) |
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21.2 |
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128.8 |
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58.3 |
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| Add: Interest expense related to Convertible Notes under the if-converted method |
— |
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0.2 |
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12.6 |
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0.9 |
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| Add: Undistributed earnings attributable to participating securities |
— |
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— |
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— |
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— |
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| Net income (loss) attributable to controlling stockholders — dilutive |
$ |
(20.0) |
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$ |
21.4 |
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$ |
141.4 |
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$ |
59.2 |
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| Denominator: |
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| Weighted-average number of common shares — basic |
116,584,392 |
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107,715,057 |
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114,518,199 |
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98,665,598 |
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| Weighted-average number of common shares — diluted |
116,584,392 |
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109,145,088 |
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129,562,463 |
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101,142,782 |
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| Basic earnings per common share |
$ |
(0.17) |
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$ |
0.20 |
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$ |
1.12 |
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$ |
0.59 |
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| Diluted earnings per common share |
$ |
(0.17) |
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$ |
0.20 |
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$ |
1.09 |
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$ |
0.59 |
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| Securities being allocated a portion of earnings: |
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| Weighted-average number of OP units |
1,608,735 |
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1,365,040 |
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1,510,634 |
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1,294,511 |
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As of September 30, 2024 |
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As of September 30, 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 |
874,124 |
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613,373 |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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2024 |
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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 |
874,124 |
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613,373 |
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874,124 |
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613,373 |
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| Restricted stock units |
79,174 |
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97,890 |
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— |
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97,890 |
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| LTIP Units with market-based vesting conditions |
663,632 |
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493,858 |
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128,024 |
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493,858 |
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| Potential shares of common stock related to Convertible Notes |
18,412,761 |
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18,374,760 |
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3,559,376 |
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18,374,760 |
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