Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2026

The following is a reconciliation of basic and diluted earnings (loss) per common share (in thousands, except share and per-share data):


	For the three months ended March 31,
		2026		2025
Numerator:
Net income (loss) attributable to common shareholders		$	(29,701)	$	(43,578)
Less: Dividends paid on unvested share-based compensation		(7)		(9)

Net income (loss) available to common shareholders — basic and diluted		$	(29,708)	$	(43,587)



Denominator:
Weighted-average number of common shares — basic and diluted		113,331,501		119,204,243



Net income (loss) per share available to common shareholders — basic and diluted		$	(0.26)	$	(0.37)

For the three months ended March 31, 2026 and 2025, 1,453,598 and 1,390,560, respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average number of common shares, as their effect would have been anti-dilutive.

For the three months ended March 31, 2026 and 2025, 13,739,215 and 29,441,175, respectively, of common shares underlying the Convertible Notes 2026 have been excluded from diluted shares as their effect would have been anti-dilutive.

The LTIP and OP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive net income (loss) available to common shareholders.