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Earnings per Share
3 Months Ended
Mar. 31, 2025
Earnings per Share  
Earnings per Share

11.

Earnings per Share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):

 

Three Months Ended March 31,

 

2025

2024

Net income

$

22,221

    

$

24,689

    

Less income allocated to non-controlling interests

 

(1,541)

 

(459)

Less non-forfeitable dividends on participating securities

 

(163)

 

(165)

Net income available to common stockholders

 

20,517

 

24,065

Effect of dilutive securities:

Participating securities (1)

Net income for diluted net income per share

$

20,517

$

24,065

Shares for basic net income per share

 

45,333

 

42,891

Effect of dilutive securities:

Performance-based stock units

350

141

Participating securities (1)

Total effect of dilutive securities

 

350

 

141

Shares for diluted net income per share

 

45,683

 

43,032

Basic net income per share

$

0.45

$

0.56

Diluted net income per share

$

0.45

$

0.56

(1)For the three months ended March 31, 2025 and 2024, the participating securities were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.