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Net Income Per Common Share | 12 Months Ended
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Dec. 31, 2024
Net Income Per Common Share |
Net Income Per Common Share | 14. Net Income Per Common Share Basic and diluted net income per share was as follows (in thousands except per share amounts):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |
​ | ​ | For the Year Ended December 31, |
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​
Net income | ​ | $ | 94,879 |  | $ | 91,462 |  | $ | 100,584 | ​
Less income allocated to non-controlling interests | ​ |  | (3,839) | ​ |  | (1,727) | ​ |  | (560) | ​
Less income allocated to participating securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-forfeitable dividends on participating securities | ​ |  | (682) | ​ |  | (587) | ​ |  | (531) | ​
Income allocated to participating securities | ​ |  | — | ​ |  | — | ​ |  | (49) | ​
Total net income allocated to participating securities | ​ |  | (682) | ​ |  | (587) | ​ |  | (580) | ​
Net income available to common stockholders | ​ |  | 90,358 | ​ |  | 89,148 | ​ |  | 99,444 | ​
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Participating securities (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Net income for diluted net income per share | ​ | $ | 90,358 | ​ | $ | 89,148 | ​ | $ | 99,444 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shares for basic net income per share | ​ |  | 43,743 | ​ |  | 41,272 | ​ |  | 39,894 | ​
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock options (1) | ​ |  | — | ​ |  | — | ​ |  | — | ​
Performance-based stock units | ​ | ​ | 498 | ​ | ​ | 86 | ​ | ​ | 173 | ​
Participating securities (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Total effect of dilutive securities | ​ |  | 498 | ​ |  | 86 | ​ |  | 173 | ​
Shares for diluted net income per share | ​ |  | 44,241 | ​ |  | 41,358 | ​ |  | 40,067 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic net income per share | ​ | $ | 2.07 | ​ | $ | 2.16 | ​ | $ | 2.49 | ​
Diluted net income per share | ​ | $ | 2.04 | ​ | $ | 2.16 | ​ | $ | 2.48 | ​
(1) | For the years ended December 31, 2024, 2023 and 2022, the participating securities and stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.
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