On August 16, 2024, in anticipation of the spin-off of Curbline Properties, the Company effected a reverse stock split of its outstanding common shares at a ratio of one-for-four. Additionally, equitable adjustments were made to outstanding equity compensation awards on account of the dilutive impact of the October 2024 spin-off of Curbline Properties. All share and per share data included in these consolidated financial statements give retroactive effect to the reverse stock split for all periods presented.

The following table provides a reconciliation of net (loss) income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts).


	Three Months
	Ended March 31,
	2025			2024
Numerators – Basic and Diluted
Continuing Operations:
Net income (loss)	$	3,085		$	(32,983	)
Preferred dividends		—			(2,789	)
Earnings attributable to unvested shares		(15	)		(131	)
Net income (loss) attributable to common shareholders after allocation to participating securities		3,070			(35,903	)
Discontinued Operations:
Income from discontinued operations		—			9,431
Total	$	3,070		$	(26,472	)
Denominators – Number of Shares
Basic and Diluted —Average shares outstanding		52,436			52,355

Basic and Diluted Earnings Per Share
From continuing operations	$	0.06		$	(0.69	)
From discontinued operations		—			0.18
Total	$	0.06		$	(0.51	)

For the three months ended March 31, 2024, Performance Restricted Stock Units issued to certain executives in March 2024, 2023 and 2022 were not included in the computation of diluted EPS because they were anti-dilutive due to the net loss. Basic average shares outstanding do not include Restricted Stock Units (“RSUs”) totaling 0.3 million that were not vested at March 31, 2025. Dividends are paid on the outstanding RSUs, which makes these shares participating securities.

The Company did not declare or pay a dividend for the first quarter of 2025. The Company declared a quarterly cash dividend of $0.52 per common share for the first quarter of 2024.