Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Earnings Per Share, Basic and Diluted

The following table provides a reconciliation of the numerator and denominator of the earnings per share calculations (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net income attributable to stockholders - basic	$	11,038	$	14,633	$	34,645	$	20,330
Net income attributable to convertible OP units(1)	1,135		1,929		4,181		2,739
Net income - diluted	$	12,173	$	16,562	$	38,826	$	23,069
Denominator:
Weighted-average shares - basic	116,760		108,997		114,833		98,761
OP units(1)	14,289		13,388		14,462		13,371
Dilutive restricted stock awards	544		188		510		185
Adjusted weighted-average shares - diluted	131,593		122,573		129,805		112,317
Earnings per common share:
Basic and diluted income per share	$	0.09	$	0.13	$	0.30	$	0.21

(1)OP units include units that are convertible into common stock or cash, at the Operating Partnership’s option. The Operating Partnership income or loss attributable to these OP units, which is included as a component of Net Income Attributable to Noncontrolling Interests on the consolidated statements of operations, has been added back in the numerator as these OP units were included in the denominator for all periods presented. OP units are allocated income on a consistent basis with the common stockholder and therefore have no dilutive impact to earnings per share of common stock.