Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of the Company’s common stock outstanding, which excludes any unvested restricted stock units issued pursuant to the 2016 LTIP and 2025 LTIP. Diluted earnings (loss) per share is computed by adjusting basic income (loss) per share for the dilutive effect of the assumed vesting of restricted stock units. During periods of net loss, the assumed vesting of restricted stock units is anti-dilutive and is not included in the calculation of earnings (loss) per share.

The effect of the conversion of OP Units held by noncontrolling limited partners is not reflected in the computation of basic and diluted earnings (loss) per share as the assumed conversion of these units would have no net impact on the determination of diluted earnings (loss) per share. See Note 8 for additional information.

The following table sets forth the computation of basic and diluted loss per share for the periods presented (in thousands, except per share amounts):


		For the Three Months Ended March 31,
		2026			2025
Numerator for loss per share:
Net loss		$	(6,781	)	$	(6,924	)
Net loss attributable to redeemable noncontrolling interests in the OP			(27	)		(27	)
Net loss attributable to common stockholders		$	(6,754	)	$	(6,897	)

Denominator for loss per share:
Weighted average common shares outstanding			25,398			25,448
Denominator for basic loss per share			25,398			25,448
Weighted average unvested restricted stock units			—			128
Denominator for diluted loss per share	(1)		25,398			25,448

Loss per weighted average common share:
Basic		$	(0.27	)	$	(0.27	)
Diluted		$	(0.27	)	$	(0.27	)