Earnings per share

9 Months Ended

Sep. 30, 2024

The following table presents the computation of earnings per share for the periods shown below (in thousands, except share and per share amounts):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net income	$	45,546	$	46,505	$	106,963	$	106,800
Less net income attributable to non-controlling interest		36,591		32,613		85,012		80,096
Net income attributable to shareholders – basic	$	8,955	$	13,892	$	21,951	$	26,704
Add: Reallocation of net income attributable to non-controlling interest		—		29,724		—		72,321
Net income attributable to shareholders – diluted	$	8,955	$	43,616	$	21,951	$	99,025

Weighted average shares outstanding – basic		25,009,326		26,254,243		25,447,088		26,254,193
Dilutive effect of unvested restricted common stock		203,852		17,971		97,361		25,235
Dilutive effect of unvested performance units		255,363		2,215		165,985		2,594
Class B Common Stock converted to Class A Common Stock		—		82,021,389		—		82,021,389
Weighted average shares outstanding – diluted		25,468,541		108,295,819		25,710,434		108,303,411

Earnings per share
Basic	$	0.36	$	0.53	$	0.86	$	1.02
Diluted	$	0.35	$	0.40	$	0.85	$	0.91

The following table presents the common stock share equivalents excluded from the calculation of diluted earnings per share for the periods shown below, as they would have had an antidilutive effect:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Restricted common stock		5		141		635		213
Class B Common Stock		82,021,389		—		82,021,389		—