| 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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Year ended December 31, |
| Numerator: |
2023 |
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2022 |
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2021 |
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(dollars in millions, except share and per share data) |
Net income (loss) attributable to controlling stockholders and participating securities |
$ |
148.8 |
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$ |
41.5 |
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$ |
126.6 |
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| Less: Dividends and distributions to participating securities |
(1.0) |
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(0.7) |
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(0.9) |
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| Undistributed earnings attributable to participating securities |
— |
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— |
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— |
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| Net income (loss) attributable to controlling stockholders |
$ |
147.8 |
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$ |
40.8 |
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$ |
125.7 |
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Add: Interest expense related to convertible notes under the if-converted method |
7.5 |
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1.4 |
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6.3 |
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| Net income (loss) attributable to controlling stockholders—diluted |
$ |
155.3 |
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$ |
42.2 |
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$ |
132.0 |
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| Denominator: |
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| Weighted-average number of common shares—basic |
101,844,551 |
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87,500,799 |
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79,992,922 |
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| Weighted-average number of common shares—diluted |
109,467,554 |
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90,609,329 |
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87,671,641 |
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| Basic earnings per common share |
$ |
1.45 |
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$ |
0.47 |
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$ |
1.57 |
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| Diluted earnings per common share |
$ |
1.42 |
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$ |
0.47 |
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$ |
1.51 |
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| Securities being allocated a portion of earnings: |
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| Weighted-average number of OP units |
1,314,182 |
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1,002,002 |
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485,013 |
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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 |
612,742 |
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445,218 |
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577,594 |
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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 |
612,742 |
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445,218 |
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577,594 |
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| Restricted stock units |
94,654 |
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38,222 |
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16,348 |
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| LTIP Units with market-based vesting conditions |
493,858 |
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211,824 |
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86,274 |
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| Potential shares of common stock related to convertible notes |
3,549,083 |
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3,537,460 |
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— |
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