| Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted EPS |
The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2022 and 2021. | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands, except per share data) | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2022 | | 2021 | | 2022 | | 2021 | | NUMERATOR | | | | | | | | | | | | | | | | | | | | | | | | | Net income (loss) attributable to controlling interests | $ | (523) | | | $ | (9,492) | | | $ | (12,103) | | | $ | 7,179 | | | Dividends to preferred shareholders | (1,607) | | | (1,607) | | | (4,821) | | | (4,821) | | | | | | | | | | | Numerator for basic earnings (loss) per share – net income available to common shareholders | (2,130) | | | (11,099) | | | (16,924) | | | 2,358 | | | Noncontrolling interests – Operating Partnership and Series E preferred units | (439) | | | (1,930) | | | (3,546) | | | (1,013) | | | | | | | | | | | Dividends to preferred unitholders | 160 | | | 160 | | | 480 | | | 480 | | | Numerator for diluted earnings (loss) per share | $ | (2,409) | | | $ | (12,869) | | | $ | (19,990) | | | $ | 1,825 | | | DENOMINATOR | | | | | | | | | Denominator for basic earnings per share weighted average shares | 15,373 | | | 14,065 | | | 15,280 | | | 13,501 | | | Effect of redeemable operating partnership units | — | | | — | | | — | | | 917 | | | Effect of Series D preferred units | — | | | — | | | — | | | 228 | | | Effect of Series E preferred units | — | | | — | | | — | | | 239 | | | Effect of dilutive restricted stock units and stock options | — | | | — | | | — | | | 32 | | | Denominator for diluted earnings per share | 15,373 | | | 14,065 | | | 15,280 | | | 14,917 | | | | | | | | | | | | | | | | | | | | | | | | | | | NET INCOME (LOSS) PER COMMON SHARE – BASIC | $ | (0.14) | | | $ | (0.79) | | | $ | (1.11) | | | $ | 0.17 | | | | | | | | | | | | | | | | | | | | | | | | | | | NET INCOME (LOSS) PER COMMON SHARE – DILUTED | $ | (0.14) | | | $ | (0.79) | | | $ | (1.11) | | | $ | 0.12 | |
|