| Earnings Per Share |
16. 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 Three Months Ended
September 30, |
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For the Nine Months Ended
September 30, |
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(in thousands, except per share amounts) |
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2022 |
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2021 |
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2022 |
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2021 |
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Basic earnings: |
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Net earnings attributable to Broadstone Net Lease, Inc. common
shareholders |
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$ |
27,109 |
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$ |
28,698 |
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$ |
87,383 |
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$ |
72,135 |
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Less: earnings allocated to unvested restricted shares |
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(108 |
) |
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(95 |
) |
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(310 |
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(296 |
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Net earnings used to compute basic earnings per common share |
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$ |
27,001 |
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$ |
28,603 |
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$ |
87,073 |
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$ |
71,839 |
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Diluted earnings: |
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Net earnings used to compute basic earnings per share |
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$ |
27,001 |
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$ |
28,603 |
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$ |
87,073 |
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$ |
71,839 |
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Net earnings attributable to non-controlling interests |
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1,600 |
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1,824 |
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5,319 |
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5,167 |
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Net earnings used to compute diluted earnings per common share |
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$ |
28,601 |
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$ |
30,427 |
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$ |
92,392 |
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$ |
77,006 |
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Weighted average number of common shares outstanding |
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172,973 |
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159,604 |
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169,061 |
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150,593 |
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Less: weighted average unvested restricted shares (a) |
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(395 |
) |
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(378 |
) |
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(381 |
) |
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(366 |
) |
Weighted average number of common shares outstanding used in
basic earnings per common share |
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172,578 |
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159,226 |
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168,680 |
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150,227 |
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Effects of restricted stock units (b) |
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180 |
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219 |
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166 |
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172 |
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Effects of convertible membership units (c) |
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10,213 |
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10,142 |
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10,286 |
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10,874 |
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Weighted average number of common shares outstanding used in
diluted earnings per common share |
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182,971 |
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169,587 |
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179,132 |
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161,273 |
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Basic earnings per share |
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$ |
0.16 |
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$ |
0.18 |
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$ |
0.52 |
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$ |
0.48 |
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Diluted earnings per share |
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$ |
0.16 |
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$ |
0.18 |
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$ |
0.52 |
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$ |
0.48 |
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(a)Represents the weighted average effects of 397,135 and 373,619 unvested restricted shares of common stock as of September 30, 2022 and 2021, respectively, which will be excluded from the computation of earnings per share until they vest. (b)Represents the weighted average effects of shares of common stock to be issued as though the end of the period were the end of the performance period (see Note 15). (c)Represents the weighted average effects of 10,204,806 and 10,370,417 OP Units outstanding at September 30, 2022 and 2021, respectively. OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the net income attributable to such OP units also be added back to net income, there is no effect to EPS. |