Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per ShareNet (loss) income per common share has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings per Share. Basic earnings per share is computed by dividing net (loss) income attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is similarly calculated except that the denominator is increased by using the treasury stock method to determine the potential dilutive effect of the Company’s outstanding unvested RSUs and unsettled shares under open forward equity contracts and using the if-converted method to determine the potential dilutive effect of the OP Units. The Company has noncontrolling interests in the form of OP Units which are convertible into common stock and represent potentially dilutive securities, as the OP Units may be redeemed for cash or, at the Company’s election, exchanged for shares of the Company’s common stock on a one-for-one basis.

The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net (loss) income per common share for the three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and per share data)	2023		2022		2023		2022
Numerator:
Net (loss) income	$	(792)	$	2,010	$	689	$	3,976
Net loss (income) attributable to noncontrolling interest	1		(23)		(8)		(47)
Net (loss) income attributable to common shares, basic	(791)		1,987		681		3,929
Net (loss) income attributable to noncontrolling interest	(1)		23		8		47
Net (loss) income attributable to common shares, diluted	$	(792)	$	2,010	$	689	$	3,976

Denominator:
Weighted average common shares outstanding, basic	61,043,531		48,140,041		59,600,630		46,279,122
Effect of dilutive shares for diluted net income per common share:
OP Units	—		527,539		509,588		539,054
Unvested RSUs	—		235,295		164,322		264,784
Unsettled shares under open forward equity contracts	—		48,958		20,194		194,508
Weighted average common shares outstanding, diluted	61,043,531		48,951,833		60,294,734		47,277,468

Net (loss) income available to common stockholders per common share, basic	$	(0.01)	$	0.04	$	0.01	$	0.08
Net (loss) income available to common stockholders per common share, diluted	$	(0.01)	$	0.04	$	0.01	$	0.08

For the three months ended June 30, 2023, diluted net loss per common share does not assume the conversion of 507,773 OP Units or 152,785 unvested RSUs as such conversion would be antidilutive.

As of June 30, 2023 and December 31, 2022, there were 507,773 and 513,467 of OP Units outstanding, respectively.