BrightSpire Capital Inc
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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18. Earnings Per Share
- Earnings Per Share
The Company’s net income (loss) and weighted average shares outstanding for the years ended December 31, 2023, 2022 and 2021 consist of the following (dollars in thousands, except per share data):
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Net income (loss) | $(15,619) | $46,789 | $(104,581) |
| Net (income) loss attributable to noncontrolling interests: | |||
| Investment Entities | 70 | 12 | 1,732 |
| Operating Partnership | — | (1,013) | 1,803 |
| Net income (loss) attributable to BrightSpire Capital, Inc. common stockholders | $(15,549) | $45,788 | $(101,046) |
| Numerator: | |||
| Net (income) loss allocated to participating securities (non-vested shares) | $— | $(1,604) | $— |
| Net income (loss) attributable to common stockholders | $(15,549) | $44,184 | $(101,046) |
| Denominator: | |||
| Weighted average shares outstanding - basic(1) | 127,060 | 127,302 | 128,496 |
| Weighted average shares outstanding - diluted(2) | 127,060 | 129,300 | 128,496 |
| Net income (loss) per common share - basic | $(0.12) | $0.35 | $(0.79) |
| Net income (loss) per common share - diluted | $(0.12) | $0.34 | $(0.79) |
(1)The outstanding shares used to calculate the weighted average basic shares outstanding exclude 2,787,807 and 2,308,691 of restricted stock awards as of December 31, 2023 and December 31, 2022, net of forfeitures, respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic net income (loss) per common share.
(2)The calculation of diluted earnings per share for the years ended December 31, 2023 and December 31, 2021 excludes the effect of weighted average unvested non-participating restricted shares of 2,734,075 and 1,603,486, respectively, as the effect would be antidilutive.
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