Earnings Per Share
The Company uses the two-class method of computing net earnings per common share. The Company's non-vested share-based awards are considered participating securities pursuant to the two-class method.
The table below sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2025, 2024, and 2023.
 YEAR ENDED DECEMBER 31,
Dollars in thousands, except per share data202520242023
Weighted average common shares outstanding
Weighted average common shares outstanding351,350,200 367,444,706 380,850,967 
Non-vested shares(1,552,450)(1,891,650)(1,923,096)
Weighted average common shares outstanding - basic349,797,750 365,553,056 378,927,871 
Weighted average common shares outstanding - basic349,797,750 365,553,056 378,927,871 
Dilutive effect of OP Units— — — 
Weighted average common shares outstanding - diluted349,797,750 365,553,056 378,927,871 
Net loss$(249,485)$(663,904)$(282,083)
Income allocated to participating securities (2,217)(3,122)(2,504)
Loss attributable to non-controlling interest3,414 9,419 3,822 
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units(193)(2,798)(851)
Net loss applicable to common stockholders - basic and diluted$(248,481)$(660,405)$(281,616)
Basic earnings per common share - net loss$(0.71)$(1.81)$(0.74)
Diluted earnings per common share - net loss$(0.71)$(1.81)$(0.74)
The effect of OP Units redeemable for 4,230,433 shares of common stock for the year ended December 31, 2025, was excluded from the calculation of diluted loss per common share because the effect was anti-dilutive as a result of the loss from continuing operations incurred during the year.

Historical Timeline

Fiscal YearFiled
2025Feb 13, 2026Showing above
2024Feb 19, 2025
2023Feb 16, 2024
2022Mar 1, 2023

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.