Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of the Company’s common stock outstanding, which excludes any unvested restricted stock units issued pursuant to the 2016 LTIP and 2025 LTIP. Diluted earnings (loss) per share is computed by adjusting basic income (loss) per share for the dilutive effect of the assumed vesting of restricted stock units. During periods of net loss, the assumed vesting of restricted stock units is anti-dilutive and is not included in the calculation of earnings (loss) per share.

The effect of the conversion of OP Units held by noncontrolling limited partners is not reflected in the computation of basic and diluted earnings (loss) per share as the assumed conversion of these units would have no net impact on the determination of diluted earnings (loss) per share. See Note 8 for additional information.

The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts):


		For the Three Months Ended June 30,					For the Six Months Ended June 30,
		2025			2024		2025			2024
Numerator for earnings (loss) per share:
Net income (loss)		$	(7,061	)	$	10,638	$	(13,985	)	$	37,040
Net income (loss) attributable to redeemable noncontrolling interests in the OP			(28	)		42		(55	)		146
Net income (loss) attributable to common stockholders		$	(7,033	)	$	10,596	$	(13,930	)	$	36,894

Denominator for earnings (loss) per share:
Weighted average common shares outstanding			25,384			25,540		25,416			25,630
Denominator for basic earnings (loss) per share			25,384			25,540		25,416			25,630
Weighted average unvested restricted stock units			20			769		124			701
Denominator for diluted earnings (loss) per share	(1)		25,384			26,309		25,416			26,331

Earnings (loss) per weighted average common share:
Basic		$	(0.28	)	$	0.41	$	(0.55	)	$	1.44
Diluted		$	(0.28	)	$	0.40	$	(0.55	)	$	1.40