v3.24.3

Earnings per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | 14. Earnings per Share The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”):
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands, except per share amounts) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Basic earnings: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings attributable to Broadstone Net Lease, Inc. common shareholders |  | $ | 35,608 |  |  | $ | 49,682 |  |  | $ | 136,051 |  |  | $ | 149,000 |
Less: earnings allocated to unvested restricted shares |  |  | (284 | ) |  |  | (142 | ) |  |  | (879 | ) |  |  | (420 | )
Net earnings used to compute basic earnings per common share |  | $ | 35,324 |  |  | $ | 49,540 |  |  | $ | 135,172 |  |  | $ | 148,580 |
Diluted earnings: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings used to compute basic earnings per common share |  | $ | 35,324 |  |  | $ | 49,540 |  |  | $ | 135,172 |  |  | $ | 148,580 |
Add: net earnings attributable to OP unit holders |  |  | 1,660 |  |  |  | 2,463 |  |  |  | 6,331 |  |  |  | 7,515 |
Net earnings used to compute diluted earnings per common share |  | $ | 36,984 |  |  | $ | 52,003 |  |  | $ | 141,503 |  |  | $ | 156,095 |
Weighted average number of common shares outstanding |  |  | 188,521 |  |  |  | 187,272 |  |  |  | 188,315 |  |  |  | 187,026 |
Less: weighted average unvested restricted shares (a) |  |  | (1,025 | ) |  |  | (506 | ) |  |  | (907 | ) |  |  | (481 | )
Weighted average number of common shares outstanding used in basic earnings per common share |  |  | 187,496 |  |  |  | 186,766 |  |  |  | 187,408 |  |  |  | 186,545 |
Add: effects of restricted stock units (b) |  |  | 649 |  |  |  | 322 |  |  |  | 572 |  |  |  | 267 |
Add: effects of convertible OP units (c) |  |  | 8,787 |  |  |  | 9,284 |  |  |  | 8,819 |  |  |  | 9,470 |
Weighted average number of common shares outstanding used in diluted earnings per common share |  |  | 196,932 |  |  |  | 196,372 |  |  |  | 196,799 |  |  |  | 196,282 |
Basic earnings per share |  | $ | 0.19 |  |  | $ | 0.27 |  |  | $ | 0.72 |  |  | $ | 0.80 |
Diluted earnings per share |  | $ | 0.19 |  |  | $ | 0.26 |  |  | $ | 0.72 |  |  | $ | 0.80 |
(a) Represents the weighted average effects of 979,140 and 505,668 unvested restricted shares of common stock as of September 30, 2024 and 2023, 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 13). (c) Represents the weighted average effects of 8,754,702 and 9,282,953 OP Units outstanding at September 30, 2024 and 2023, respectively.

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