| 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: |
2024 |
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2023 |
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2022 |
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(dollars in millions, except share and per share data) |
Net income (loss) attributable to controlling stockholders and participating securities |
$ |
200.0 |
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$ |
148.8 |
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$ |
41.5 |
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Less: Dividends and distributions on participating securities |
(1.5) |
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(1.0) |
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(0.7) |
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Less: 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 |
$ |
198.5 |
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$ |
147.8 |
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$ |
40.8 |
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Add: Interest expense related to Convertible Notes under the if-converted method |
12.6 |
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7.5 |
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1.4 |
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Add: 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—dilutive |
$ |
211.1 |
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$ |
155.3 |
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$ |
42.2 |
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| Denominator: |
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| Weighted-average number of common shares—basic |
115,548,087 |
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101,844,551 |
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87,500,799 |
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| Weighted-average number of common shares—diluted |
130,501,006 |
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109,467,554 |
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90,609,329 |
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| Basic earnings per common share |
$ |
1.72 |
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$ |
1.45 |
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$ |
0.47 |
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| Diluted earnings per common share |
$ |
1.62 |
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$ |
1.42 |
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$ |
0.47 |
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| Securities being allocated a portion of earnings: |
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| Weighted-average number of OP units |
1,535,425 |
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1,314,182 |
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1,002,002 |
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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 |
880,352 |
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612,742 |
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445,218 |
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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 |
880,352 |
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612,742 |
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445,218 |
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| Restricted stock units |
78,742 |
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94,654 |
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38,222 |
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| LTIP Units with market-based vesting conditions |
535,608 |
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493,858 |
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211,824 |
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| Potential shares of common stock related to convertible notes |
3,568,862 |
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3,549,083 |
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3,537,460 |
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