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Earnings Per Share

3 Months Ended

Mar. 31, 2023

Note 12—Earnings Per Share

Earnings per share (“EPS”) is calculated by dividing net income attributable to common shareholders by the weighted average number of shares outstanding for the period. The following tables present a reconciliation of net income used in the basic and diluted EPS calculations ($ and shares in thousands, except for per share data):


	Three Months Ended
	March 31,
	2023		2022
Net income	$	4,716	$	24,907
Net (income) attributable to noncontrolling interests		(34)		(34)
Net income attributable to Safehold Inc. common shareholders for basic and diluted earnings per common share	$	4,682	$	24,873


	Three Months Ended
	March 31,
	2023		2022
Earnings attributable to common shares:
Numerator for basic and diluted earnings per share:
Net income attributable to Safehold Inc. common shareholders - basic	$	4,682	$	24,873
Net income attributable to Safehold Inc. common shareholders - diluted	$	4,682	$	24,873

Denominator for basic and diluted earnings per share:⁽¹⁾
Weighted average common shares outstanding for basic earnings per common share		63,672		59,284
Add: Effect of assumed shares under treasury stock method for restricted stock units		—		1
Weighted average common shares outstanding for diluted earnings per common share		63,672		59,285

Basic and diluted earnings per common share:⁽¹⁾
Net income attributable to Safehold Inc. common shareholders - basic	$	0.07	$	0.42
Net income attributable to Safehold Inc. common shareholders - diluted	$	0.07	$	0.42

(1)

For the three months ended March 31, 2023, the effect of 4,650 shares related to restricted stock awards were antidilutive. For the three months ended March 31, 2022, weighted average shares outstanding and earnings per share have been recast in accordance with ASC 805 to reflect the exchange ratio used in the reverse acquisition.