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Earnings Per Share of Common Stock (Tables) | 3 Months Ended
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Mar. 31, 2025
Earnings Per Share [Abstract] |
Schedule of Basic and Diluted Earnings Per Share of Common Stock | The following tables set forth the computation of basic and diluted earnings per share of common stock for the three months ended March 31, 2025 and 2024. The operating partnership units in the Operating Partnership (“OP Units”) held by holders who do not control the Operating Partnership (“Non-controlling OP Unitholders”) (which may be redeemed for shares of common stock) have been excluded from the diluted earnings per share calculations, as there would be no effect on the amounts since the Non-controlling OP Unitholders’ share of income would also be added back to net income. Net income figures are presented net of such non-controlling interests in the income per share calculation. We computed basic earnings per share for the three months ended March 31, 2025 and 2024 using the weighted average number of shares outstanding during the respective periods. Diluted earnings per share for the three months ended March 31, 2025 and 2024 reflects additional shares of common stock related to our convertible senior common stock (the “Senior Common Stock”), if the effect of conversion would be dilutive, that would have been outstanding if such dilutive potential shares of common stock had been issued, as well as an adjustment to net income available to common stockholders as applicable to common stockholders that would result from their assumed issuance (dollars in thousands, except per share amounts).
|  | For the three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Calculation of basic earnings per share of common stock: |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 1,915 |  |  | $ | 304 |  |  |  |  |
Denominator for basic weighted average shares of common stock (1) |  | 44,607,012 |  |  | 40,003,481 |  |  |  |  |
Basic earnings per share of common stock |  | $ | 0.04 |  |  | $ | 0.01 |  |  |  |  |
Calculation of diluted earnings per share of common stock: |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 1,915 |  |  | $ | 304 |  |  |  |  |
Net income available to common stockholders plus assumed conversions (2) |  | $ | 1,915 |  |  | $ | 304 |  |  |  |  |
Denominator for basic weighted average shares of common stock (1) |  | 44,607,012 |  |  | 40,003,481 |  |  |  |  |
Effect of convertible Senior Common Stock (2) |  | — |  |  | — |  |  |  |  |
Denominator for diluted weighted average shares of common stock (2) |  | 44,607,012 |  |  | 40,003,481 |  |  |  |  |
Diluted earnings per share of common stock |  | $ | 0.04 |  |  | $ | 0.01 |  |  |  |  |
(1)The weighted average number of OP Units held by Non-controlling OP Unitholders was 39,474 for the three months ended March 31, 2025 and 310,643 for the three months ended March 31, 2024. (2)We excluded convertible shares of Senior Common Stock of 329,404 and 342,247 from the calculation of diluted earnings per share for the three months ended March 31, 2025 and 2024, respectively, because these shares were anti-dilutive.

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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