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

6 Months Ended

Jun. 30, 2024

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 use the treasury stock method to 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*								*For the Six Months Ended*
		*June 30,*								*June 30,*
		*2024*				*2023*				*2024*				*2023*
Numerator:
Net income attributable to controlling interests		$	24,280			$	25,089			$	50,450			$	51,301
Preferred stock and preferred unit dividends and discount accretion			(6,308	)			(6,289	)			(12,600	)			(12,516	)
Net income attributable to common shareholders—basic			17,972				18,800				37,850				38,785
Effect of dilutive preferred stock dividends and discount accretion			596				598				1,193				1,190
Net income attributable to common shareholders—diluted		$	18,568			$	19,398			$	39,043			$	39,975
Denominator:
Basic (including unvested share-based payment awards) (1)			14,771				14,439				14,722				14,457
Effect of dilutive stock compensation arrangements and exchange of preferred stock			4,037				4,520				4,044				4,513
Diluted (including unvested share-based payment awards) (1)			18,808				18,959				18,766				18,970
Net income attributable to common shareholders per share—basic		$	1.22			$	1.30			$	2.57			$	2.68
Net income attributable to common shareholders per share—diluted		$	0.99			$	1.02			$	2.08			$	2.11

(1)

Shares related to unvested share-based payment awards included in our basic and diluted share counts were 390,096 and 341,837 for the three and six months ended June 30, 2024, respectively, compared to 246,994 and 217,851 for the three and six months ended June 30, 2023, respectively.

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 both the three and six months ended June 30, 2024, respectively. 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 both the three and six months ended June 30, 2023, respectively.

For the three and six months ended June 30, 2024 and 2023, 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.