Gladstone Commercial Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Loss per Share of Common Stock

Loss per Share of Common Stock

12 Months Ended

Dec. 31, 2023

The following tables set forth the computation of basic and diluted loss per share of common stock for the years ended December 31, 2023, 2022 and 2021, respectively. The OP Units held by Non-controlling OP Unitholders (which may be redeemed for shares of common stock) have been excluded from the diluted earnings per share calculation, as there would be no effect on the amounts since the Non-controlling OP Unitholders’ share of income would also be added back to net income. Net income figures are presented net of such non-controlling interests in the earnings per share calculation.

We computed basic loss per share for the years ended December 31, 2023, 2022 and 2021, respectively, using the weighted average number of shares outstanding during the periods. Diluted loss per share for the years ended December 31, 2023, 2022 and 2021, reflects additional shares of common stock related to our convertible Senior Common Stock, if the effect would be dilutive, that would have been outstanding if dilutive potential shares of common stock had been issued, as well as an adjustment to net loss attributable to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts).


	For the year ended December 31,
	2023		2022		2021
Calculation of basic loss per share of common stock:
Net loss attributable to common stockholders	$	(7,738)	$	(1,529)	$	(3,392)
Denominator for basic weighted average shares of common stock (1)	39,943,167		38,950,734		36,537,306
Basic loss per share of common stock	$	(0.19)	$	(0.04)	$	(0.09)
Calculation of diluted loss per share of common stock:
Net loss attributable to common stockholders	$	(7,738)	$	(1,529)	$	(3,392)
Net loss attributable to common stockholders plus assumed conversions (2)	$	(7,738)	$	(1,529)	$	(3,392)
Denominator for basic weighted average shares of common stock (1)	39,943,167		38,950,734		36,537,306
Effect of convertible Senior Common Stock (2)	—		—		—
Denominator for diluted weighted average shares of common stock (2)	39,943,167		38,950,734		36,537,306
Diluted loss per share of common stock	$	(0.19)	$	(0.04)	$	(0.09)

(1)The weighted average number of OP Units held by Non-controlling OP Unitholders was 382,563, 294,941, and 316,987 for the years ended December 31, 2023, 2022, and 2021, respectively.

(2)We excluded convertible shares of Senior Common Stock of 345,132, 363,246 and 503,962 from the calculation of diluted earnings per share for the years ended December 31, 2023, 2022 and 2021, respectively, because it was anti-dilutive.