Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2022

Basic and diluted net income per share was as follows (in thousands except per share amounts):



	For the year ended December 31,
	2022		2021			2020
Net income	$	100,584	$	56,224		$	95,677
Less income allocated to non-controlling interests		(560)		(363)			(384)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(531)		(458)			(397)
Income allocated to participating securities		(49)		—			(25)
Total net income allocated to participating securities		(580)		(458)			(422)
Net income available to common stockholders		99,444		55,403			94,871
Effect of dilutive securities:
Participating securities ⁽¹⁾		—		—			—
Net income for diluted net income per share	$	99,444	$	55,403		$	94,871

Shares for basic net income per share		39,894		39,156			39,179
Effect of dilutive securities:
Stock options ⁽²⁾		—		—			—
Performance-based stock units		173		—	⁽³⁾		85
Participating securities ⁽¹⁾		—		—			—
Total effect of dilutive securities		173		—			85
Shares for diluted net income per share		40,067		39,156			39,264

Basic net income per share	$	2.49	$	1.41		$	2.42
Diluted net income per share	$	2.48	$	1.41		$	2.42

(1)	For the years ended December 31, 2022, 2021 and 2020, the participating securities were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.

(2)	For the years ended December 31, 2022, 2021and 2020, the stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.

(3)	For the year ended December 31, 2021, no performance-based stock units would be earned based on TSR targets.