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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share |
10. EARNINGS PER SHARE
Basic earnings per share (“EPS”) is computed by dividing Net Income Attributable to Stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. 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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Numerator: |  |  |  |  |  |  |
Net income attributable to stockholders - basic | $ | 11,602 |  |  | $ | 12,245 |  |  | $ | 44,543 |  |  | $ | 43,315 |
Net income attributable to convertible OP units(1) | 1,301 |  |  | 1,484 |  |  | 4,972 |  |  | 5,259 |
Net income - diluted | $ | 12,903 |  |  | $ | 13,729 |  |  | $ | 49,515 |  |  | $ | 48,574 |
Denominator: |  |  |  |  |  |  |
Weighted-average shares - basic | 122,527 |  |  | 118,292 |  |  | 122,380 |  |  | 117,610 |
OP units(1) | 13,685 |  |  | 14,042 |  |  | 13,705 |  |  | 14,171 |
Dilutive restricted stock awards | 366 |  |  | 466 |  |  | 373 |  |  | 554 |
Adjusted weighted-average shares - diluted | 136,578 |  |  | 132,800 |  |  | 136,458 |  |  | 132,335 |
Earnings per common share: |  |  |  |  |  |  |
Basic and diluted income per share | $ | 0.09 |  |  | $ | 0.10 |  |  | $ | 0.36 |  |  | $ | 0.37 |
(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.

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