Earnings Per Share

3 Months Ended

Mar. 31, 2024

Net 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 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 income per common share for the three months ended March 31, 2024 and 2023.


	Three Months Ended March 31,
(In thousands, except share and per share data)	2024		2023
Numerator:
Net income	$	1,052	$	1,481
Net (income) attributable to noncontrolling interest	(7)		(9)
Net income attributable to common shares, basic	1,045		1,472
Net income attributable to noncontrolling interest	7		9
Net income attributable to common shares, diluted	$	1,052	$	1,481

Denominator:
Weighted average common shares outstanding, basic	73,248,804		58,155,738
Effect of dilutive shares for diluted net income per common share:
OP Units	478,524		511,402
Unvested RSUs	168,556		175,859
Unsettled shares under open forward equity contracts	669,906		40,387
Weighted average common shares outstanding, diluted	74,565,790		58,883,386

Net income available to common stockholders per common share, basic	$	0.01	$	0.03
Net income available to common stockholders per common share, diluted	$	0.01	$	0.03

As of March 31, 2024 and December 31, 2023, there were 472,179 and 479,298 of OP Units outstanding, respectively.