Earnings Per Share

6 Months Ended

Jun. 30, 2026

10.

Earnings Per Share

The Company declared a quarterly cash dividend of $0.17 per share of common stock for each of the first and second quarters of 2026 and the Company declared a quarterly cash dividend of $0.16 per share of common stock for each of the first and second quarters of 2025.

The following table provides a reconciliation of net income and the number of shares of common stock used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of shares of common stock outstanding without regard to potentially dilutive shares of common stock, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts).


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerators – Basic and Diluted
Net income	$	6,925		$	10,406		$	10,493		$	20,968
Income attributable to non-controlling interests		(15	)		(14	)		(20	)		(26	)
Earnings attributable to unvested shares		(97	)		(133	)		(194	)		(267	)
Net income attributable to common stockholders after allocation to participating securities	$	6,813		$	10,259		$	10,279		$	20,675

Denominators – Number of Shares
Basic – Average shares outstanding		106,411			105,003			105,751			104,958
Assumed conversion of dilutive securities - PRSAs and PB LTIPs		540			239			500			232
Assumed conversion of dilutive securities - Forward equity		1,944			—			1,372			—
Diluted – Average shares outstanding		108,895			105,242			107,623			105,190

Earnings Per Share:
Basic	$	0.06		$	0.10		$	0.10		$	0.20
Diluted	$	0.06		$	0.10		$	0.10		$	0.20

Basic average shares outstanding do not include RSUs totaling 0.5 million and RSAs totaling 0.2 million that were not vested at June 30, 2026. Basic average shares outstanding do not include RSUs totaling 0.7 million and RSAs totaling 0.1 million that were not vested at June 30, 2025. Dividends are paid on the outstanding RSUs and RSAs, which makes these shares participating securities.

PRSAs and PB LTIPs issued to certain executives were considered dilutive and are included in the computation of diluted EPS for the three and six months ended June 30, 2026 and 2025.

The agreements to offer and sell shares on a forward basis for approximately 21.1 million shares of common stock were considered in the computation of diluted EPS for the three and six months ended June 30, 2026 using the treasury stock method. In the second quarter, the Company settled 8.4 million shares of common stock that were sold on a forward basis. These agreements were not outstanding at June 30, 2025.