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

9 Months Ended

Sep. 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 Nine Months Ended*
		*September 30,*								*September 30,*
		*2024*				*2023*				*2024*				*2023*
Numerator:
Net income attributable to controlling interests		$	29,543			$	25,240			$	79,993			$	76,541
Preferred stock and preferred unit dividends and discount accretion			(6,316	)			(6,341	)			(18,916	)			(18,857	)
Net income attributable to common shareholders—basic			23,227				18,899				61,077				57,684
Effect of dilutive preferred stock dividends and discount accretion			604				605				1,797				1,795
Net income attributable to common shareholders—diluted		$	23,831			$	19,504			$	62,874			$	59,479
Denominator:
Basic (including unvested share-based payment awards) (1)			14,740				14,504				14,728				14,473
Effect of dilutive stock compensation arrangements and exchange of preferred stock			4,048				4,411				4,046				4,479
Diluted (including unvested share-based payment awards) (1)			18,788				18,915				18,774				18,952
Net income attributable to common shareholders per share—basic		$	1.58			$	1.30			$	4.15			$	3.99
Net income attributable to common shareholders per share—diluted		$	1.27			$	1.03			$	3.35			$	3.14

(1)

Shares related to unvested share-based payment awards included in our basic and diluted share counts were 384,193 and 356,059 for the three and nine months ended September 30, 2024, respectively, compared to 241,302 and 225,754 for the three and nine months ended September 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 nine months ended September 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 nine months ended September 30, 2023, respectively.

For the three and nine months ended September 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.