Earnings Per Share

9 Months Ended

Sep. 30, 2023

NOTE 9: Earnings Per Share

The following table presents a reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Net income	$	3,986	$	16,653	$	23,847	$	86,135
Income allocated to noncontrolling interest	(56)		(430)		(559)		(2,517)
Net income allocable to common shares	$	3,930	$	16,223	$	23,288	$	83,618
Weighted-average shares outstanding—Basic	224,498,374		221,960,609		224,383,590		221,312,261
Weighted-average shares outstanding—Diluted	225,140,555		222,867,546		225,103,475		222,359,585
Earnings per share—Basic	$	0.02	$	0.07	$	0.10	$	0.38
Earnings per share—Diluted	$	0.02	$	0.07	$	0.10	$	0.38

Certain IROP units, PSUs, RSUs and restricted stocks awards were excluded from the earnings per share computation because their effect would have been anti-dilutive, totaling 6,588,751 and 6,666,456 for the three and nine months ended September 30, 2023, respectively. Certain IROP units and forward sale agreements were excluded from the earnings per share computation because their effect would have been anti-dilutive, totaling 6,091,171 and 6,091,171 for each of the three and nine months ended September 30, 2022, respectively.