
	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Numerator:
Net income (loss) attributable to common shareholders	$	20,659	$	7,424	$	(9,042)	$	(36,154)
Less: Dividends paid on unvested share-based compensation	(8)		(8)		(15)		(17)
Less: Undistributed earnings attributable to share-based compensation	(125)		(45)		—		—
Net income (loss) available to common shareholders — basic	$	20,526	$	7,371	$	(9,057)	$	(36,171)

Plus: Interest expense on convertible notes	1,531		—		—		—
Net income (loss) available to common shareholders — diluted	$	22,057	$	7,371	$	(9,057)	$	(36,171)
Denominator:
Weighted-average number of common shares — basic	112,741,241		118,172,417		113,034,743		118,685,483
Effect of dilutive share-based compensation	624,642		211,029		—		—
Effect of dilutive convertible notes	13,739,215		—		—		—
Weighted-average number of common shares — diluted	127,105,098		118,383,446		113,034,743		118,685,483
Net income (loss) per share available to common shareholders — basic	$	0.18	$	0.06	$	(0.08)	$	(0.30)
Net income (loss) per share available to common shareholders — diluted	$	0.17	$	0.06	$	(0.08)	$	(0.30)

For the three and six months ended June 30, 2026, zero and 1,453,904, 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 and six months ended June 30, 2025, 998,501 and 1,390,978, 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 and six months ended June 30, 2026, zero and 13,739,215, respectively, of common shares underlying the Convertible Notes 2026 have been excluded from diluted shares as their effect would have been anti-dilutive. For the three and six months ended June 30, 2025, 29,441,175 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. The 3,104,400 Series Z Preferred Units have been excluded from diluted shares as their effect would have been anti-dilutive for all periods presented.