Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of the Company’s common stock outstanding and excludes any unvested restricted stock units issued pursuant to the LTIP.

Diluted earnings per share is computed by adjusting basic earnings per share for the dilutive effect of the assumed vesting of restricted stock units. Additionally, the Company includes the dilutive effect of the potential redemption of OP Units for common shares in accordance with the third amended and restated limited partnership agreement of the OP (as amended, the "OP LPA"). The Company also includes the assumed conversion of the Series B Preferred Stock and Series C Preferred Stock using the if-converted method. 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 following table sets forth the computation of basic and diluted earnings 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,
	2026		2025		2026		2025
Net income (loss) attributable to common stockholders	$	5,433	$	12,285	$	15,473	$	28,802

Earnings for basic computations
Net income attributable to redeemable noncontrolling interests		1,252		3,437		3,618		7,601
Net income attributable to Series B preferred stockholders		9,012		5,675		18,067		10,082
Net income attributable to Series C preferred stockholders		728		—		1,026		—
Net income (loss) for diluted computations	$	16,425	$	21,397	$	38,184	$	46,485

Weighted-average common shares outstanding
Average number of common shares outstanding - basic		18,844		17,712		18,725		17,615
Average number of common shares from assumed vesting of unvested restricted stock units		1,032		302		631		166
Average number of common shares from assumed conversion of OP Units		4,186		5,038		4,186		5,038
Average number of common shares from assumed conversion of Series B Preferred Stock		27,442		16,408		27,478		14,530
Average number of common shares from assumed conversion of Series C Preferred Stock		2,474		—		1,577		—
Average number of common shares outstanding - diluted		53,978		39,460		52,597		37,349
Earnings per weighted average common share:
Basic	$	0.29	$	0.69	$	0.83	$	1.64
Diluted	$	0.29	$	0.54	$	0.73	$	1.24