We determine “Basic earnings per share” using the two-class method as our unvested restricted share awards and units have non-forfeitable rights to dividends, and are therefore considered participating securities. We compute basic earnings per share by dividing net income less the allocation of undistributed earnings to unvested restricted share awards and units by the weighted-average number of common shares outstanding for the period.

We also determine “Diluted earnings per share” as the more dilutive of the two-class method or the treasury stock method with respect to the unvested restricted share awards. We further evaluate any other potentially dilutive securities at the end of the period and adjust the basic earnings per share calculation for the impact of those securities that are dilutive. Our dilutive earnings per share calculation includes the dilutive impact of operating partnership units under the if-converted method and our share based awards with performance conditions prior to the grant date and all market condition awards under the contingently issuable method.

The computations of basic and diluted earnings per share for the three months ended March 31, 2025 and 2024 were as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2025		2024
Numerator:
Net loss	$	(4,675)	$	(3,647)

Allocation of earnings to unvested restricted share awards	(89)		(80)




Adjusted net loss	$	(4,764)	$	(3,727)
Denominator:
Weighted average shares outstanding – basic and diluted	88,064		87,885








Basic net loss per common share	$	(0.05)	$	(0.04)



Diluted net loss per common share	$	(0.05)	$	(0.04)

Dividends declared per common share	$	0.18	$	0.18