Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share ($ in thousands, except share and per share amounts):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Net income	$	28,242	$	29,033	$	93,852	$	102,662
Add: net loss attributable to noncontrolling interests	298		313		891		946
Net income attributable to stockholders	28,540		29,346		94,743		103,608
Less: net income attributable to unvested restricted stock awards	(29)		(19)		(90)		(38)
Net income attributable to common stockholders - basic and diluted	$	28,511	$	29,327	$	94,653	$	103,570

BASIC:
Weighted average common shares outstanding	43,476,067		43,388,841		43,420,663		43,388,779

DILUTED:
Weighted average common shares outstanding	43,476,067		43,388,841		43,420,663		43,388,779
Stock options	346,997		—		183,093		896
Forward equity sales agreements	164,008		—		54,669		—
Weighted average dilutive common shares outstanding	43,987,072		43,388,841		43,658,425		43,389,675

Earnings per common share - basic	$	0.66	$	0.68	$	2.18	$	2.39
Earnings per common share - diluted	$	0.65	$	0.68	$	2.17	$	2.39

Incremental anti-dilutive shares excluded:
Net share effect of stock options with an exercise price in excess of the average market price for our common shares	86,542		816,353		280,157		781,727

Regular dividends declared per common share	$	0.90	$	0.90	$	2.70	$	2.70