XML 38 R21.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Earnings Per Common Share | 12 Months Ended
--- | ---
Dec. 31, 2024
Earnings Per Share [Abstract] |
Earnings Per Common Share | Earnings Per Common Share Our unvested restricted stock awards contain non-forfeitable rights to dividends, and accordingly, these awards are deemed to be participating securities. Therefore, the Company applies the two-class method to calculate basic and diluted earnings. Under the two-class method, we allocate net income attributable to stockholders to common stockholders and holders of unvested restricted stock by using the weighted-average shares of each class outstanding for quarter-to-date and year-to-date periods, based on their respective participation rights to dividends declared and undistributed earnings. Basic earnings per common share is computed by dividing net income attributable to common stockholders by the weighted number of shares of common stock outstanding during the period. Diluted earnings per common share reflects the effect of dilutive securities. 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):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Net income | $ | 136,639 |  |  | $ | 134,381 |  |  | $ | 65,501 |
Add: net loss attributable to noncontrolling interests | 1,346 |  |  | 1,273 |  |  | $ | 902 |
Net income attributable to stockholders | 137,985 |  |  | 135,654 |  |  | 66,403 |
Less: net income attributable to unvested restricted stock awards | (118) |  |  | (57) |  |  | — |
Net income attributable to common stockholders - basic and diluted | $ | 137,867 |  |  | $ | 135,597 |  |  | $ | 66,403 |
BASIC: |  |  |  |  |
Weighted average common shares outstanding | 43,844,771 |  |  | 43,388,794 |  |  | 44,774,708 |
DILUTED: |  |  |  |  |
Weighted average common shares outstanding | 43,844,771 |  |  | 43,388,794 |  |  | 44,774,708 |
Stock options | 184,416 |  |  | 672 |  |  | 19,528 |
Forward equity sales agreement | 73,449 |  |  | — |  |  | — |
Weighted average dilutive common shares outstanding | 44,102,636 |  |  | 43,389,466 |  |  | 44,794,236 |
Earnings per common share - basic | $ | 3.14 |  |  | $ | 3.13 |  |  | $ | 1.48 |
Earnings per common share - diluted | $ | 3.13 |  |  | $ | 3.13 |  |  | $ | 1.48 |
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 | 235,344 |  |  | 802,506 |  |  | 564,803 |
Regular dividends declared per common share | $ | 3.60 |  |  | $ | 3.60 |  |  | $ | 3.60 |

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration