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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,
202420232022
Net income$136,639 $134,381 $65,501 
 Add: net loss attributable to noncontrolling interests1,346 1,273 $902 
Net income attributable to stockholders137,985 135,654 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 outstanding43,844,771 43,388,794 44,774,708 
DILUTED:
Weighted average common shares outstanding43,844,771 43,388,794 44,774,708 
Stock options 184,416 672 19,528 
Forward equity sales agreement73,449 — — 
Weighted average dilutive common shares outstanding44,102,636 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 shares235,344 802,506 564,803 
Regular dividends declared per common share$3.60 $3.60 $3.60