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15. Earnings per Share
The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”):
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For the years ended December 31, |
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(in thousands, except per share) |
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2019 |
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2018 |
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2017 |
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Basic earnings: |
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Net earnings attributable to Broadstone Net Lease, Inc. |
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$ |
79,394 |
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$ |
69,375 |
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$ |
54,799 |
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Diluted earnings: |
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|
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|
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|
|
|
|
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Net earnings attributable to Broadstone Net Lease, Inc. |
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$ |
79,394 |
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$ |
69,375 |
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|
$ |
54,799 |
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Net earnings attributable to non-controlling interests |
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|
5,720 |
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|
|
5,730 |
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|
|
4,756 |
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|
|
|
$ |
85,114 |
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|
$ |
75,105 |
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$ |
59,555 |
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Basic and diluted weighted average shares outstanding: |
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Weighted average number of common shares
outstanding used in basic earnings per share |
|
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23,979 |
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|
20,242 |
|
|
|
17,084 |
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Effects of convertible OP Units |
|
|
1,737 |
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|
|
1,668 |
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|
|
1,483 |
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Weighted average number of common shares
outstanding used in diluted earnings per share |
|
|
25,716 |
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|
|
21,910 |
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|
|
18,567 |
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Basic and diluted net earnings per common share |
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$ |
3.31 |
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$ |
3.43 |
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$ |
3.21 |
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In the table above, outstanding OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the OP income attributable to such OP Units also be added back to net income, there is no effect on EPS.
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