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Note 11 - Net Income Attributable to Controlling Interests Per Common Share

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

11.

Net Income Attributable to Controlling Interests Per Common Share

We compute net income attributable to controlling interests per common share by dividing net income attributable to controlling interests by the weighted average number of shares of common stock (including participating securities) outstanding during the period, as discussed below. Diluted computations applicable in financial reporting periods in which we report income reflect the potential dilution to the basic income per share of common stock computations that could occur if securities or other contracts to issue common stock were exercised, were converted into common stock or were to result in the issuance of common stock that would share in our results of operations. In performing our net income attributable to controlling interests per share of common stock computations, we apply accounting rules that require us to include all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted calculations. Common stock and certain unvested share-based payment awards earn dividends equally, and we have included all outstanding restricted stock awards in our basic and diluted calculations for current and prior periods.

The following table sets forth the computations of net income attributable to controlling interests per share of common stock (in thousands, except per share data):

		*For the Three Months Ended*
		*March 31,*
		*2023*				*2022*
Numerator:
Net income attributable to controlling interests		$	26,212			$	45,010
Preferred stock and preferred unit dividends and accretion			(6,227	)			(6,206	)
Net income attributable to common shareholders—basic			19,985				38,804
Effect of dilutive preferred stock dividends and accretion			592				592
Net income attributable to common shareholders—diluted		$	20,577			$	39,396
Denominator:
Basic (including unvested share-based payment awards) (1)			14,475				14,821
Effect of dilutive stock compensation arrangements and exchange of preferred stock			4,506				5,238
Diluted (including unvested share-based payment awards) (1)			18,981				20,059
Net income attributable to common shareholders per share—basic		$	1.38			$	2.62
Net income attributable to common shareholders per share—diluted		$	1.08			$	1.96

(1)

Shares related to unvested share-based payment awards included in our basic and diluted share counts were 188,384 for the three months ended March 31, 2023 compared to 100,331 for the three months ended March 31, 2022.

As their effects were anti-dilutive, we excluded stock options to purchase 0.1 million shares from our net income attributable to controlling interests per share of common stock calculations for the three months ended March 31, 2023. No shares were excluded from our net income attributable to controlling interests per share of common stock calculations for the three months ended March 31, 2022.

For both of the three months ended March 31, 2023 and 2022, we included 4.0 million shares of common stock for each period in our outstanding diluted share counts associated with our Series A Preferred Stock. See Note 5, "Redeemable Preferred Stock", for a further discussion of these convertible securities.