The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted net income (loss) per share reported in the Condensed Consolidated Financial Statements for the three and six months ended June 30, 2024 and 2023.


	(in thousands, except per share data)
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
NUMERATOR


Net income (loss) attributable to controlling interests	$	(1,296)	$	(1,863)	$	(5,201)	$	41,708
Dividends to preferred shareholders	(1,607)		(1,607)		(3,214)		(3,214)

Numerator for basic income (loss) per share – net income (loss) available to common shareholders	(2,903)		(3,470)		(8,415)		38,494
Noncontrolling interests – Operating Partnership and Series E preferred units (1)	—		—		—		7,854

Dividends to Series D preferred unitholders (2)	—		—		—		320
Numerator for diluted income (loss) per share	$	(2,903)	$	(3,470)	$	(8,415)	$	46,668
DENOMINATOR
Denominator for basic income (loss) per share weighted average shares	14,972		14,949		14,947		14,987
Effect of redeemable operating partnership units	—		—		—		967
Effect of Series D preferred units	—		—		—		228
Effect of Series E preferred units	—		—		—		2,111
Effect of dilutive restricted stock units and stock options	—		—		—		20
Denominator for diluted income (loss) per share	14,972		14,949		14,947		18,313



NET INCOME (LOSS) PER COMMON SHARE – BASIC	$	(0.19)	$	(0.23)	$	(0.56)	$	2.57



NET INCOME (LOSS) PER COMMON SHARE – DILUTED	$	(0.19)	$	(0.23)	$	(0.56)	$	2.55

(1)For the three and six months ended June 30, 2024 and the three months ended June 30, 2023, the impact of Units and Series E preferred units was excluded from the calculation of net income (loss) per common share - diluted as they were anti-dilutive.