Company: PEB
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001474098-25-000070
Chunk: 28

Company: Pebblebrook Hotel Trust
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 28
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 the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local jurisdictions, where applicable. Due to the net operating loss carryforward, tax years 2020 through 2024 remain open to examination by the major taxing jurisdictions to which the Company is subject.

Note 10. Earnings (Loss) Per Share

The following is a reconciliation of basic and diluted earnings (loss) per common share (in thousands, except share and per-share data): For the three months ended March 31, 20252024Numerator:Net income (loss) attributable to common shareholders$(43,578)$(38,981)Less: Dividends paid on unvested share-based compensation(9)(9)Less: Undistributed earnings attributable to share-based compensation— — Net income (loss) available to common shareholders — basic and diluted$(43,587)$(38,990)Denominator:Weighted-average number of common shares — basic and diluted119,204,243 120,085,226 Net income (loss) per share available to common shareholders — basic$(0.37)$(0.32)Net income (loss) per share available to common shareholders — diluted$(0.37)$(0.32)For the three months ended March 31, 2025 and 2024, 1,390,560 and 1,217,150, respectively, unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average number of common shares, as their effect would have been anti-dilutive. For the three months ended March 31, 2025 and 2024, 29,441,175 common shares underlying the Convertible Notes were excluded from diluted shares as their effect would have been anti-dilutive.

The LTIP and OP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive net income (loss) available to common shareholders.  

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Note 11. Commitments and Contingencies

Hotel Management AgreementsThe Company’s hotel properties are operated pursuant to management agreements with various management companies. The remaining terms of these management agreements are up to nine years, not including renewals, and up to 27 years, including renewals.