Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of impact to the diluted weighted average number of shares of common stock related to the RSUs

Three and Nine

Months Ended

September 30, 2018

September 30, 2017

Date of Award and

Return on

Stockholder

Return on

Stockholder

Total Number of

Capital

Return

Capital

Return

Underlying Shares

metric

Total

metric

Total

September 26, 2017

76,250 shares

(a)

33,524

38,125

71,649

38,125

—

38,125

July 1, 2018

76,250 shares

(b)

30,929

—

30,929

n/a

64,453

38,125

102,578

38,125

—

38,125

(a)

Includes shares that would be issued pursuant to the respective metrics, assuming the end of the quarterly period was the June 30, 2020 vesting date. None of the remaining 4,601 shares and 38,125 shares are included at September 30, 2018 and 2017, respectively, as the applicable metrics had not been met for these shares.

(b)

Includes shares that would be issued pursuant to the respective metrics, assuming the end of the quarterly period was the June 30, 2021 vesting date. None of the remaining 45,321 shares are included at September 30, 2018, as the applicable metrics had not been met for these shares.

Schedule of reconciliation of the numerator and denominator of earnings per share calculations

The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2018		2017		2018		2017

Numerator for basic and diluted earnings per share:
Net income	$	10,182	$	7,128	$	21,381	$	20,007
Less net income attributable to non-controlling interests		(35)		(23)		(866)		(65)
Less earnings allocated to unvested restricted stock (a)		(342)		(263)		(879)		(796)
Net income available for common stockholders: basic and diluted	$	9,805	$	6,842	$	19,636	$	19,146

Denominator for basic earnings per share:
Weighted average number of common shares		18,646		18,000		18,521		17,859
Effect of dilutive securities:
RSUs		59		79		41		102
Denominator for diluted earnings per share:
Weighted average number of shares		18,705		18,079		18,562		17,961

Earnings per common share, basic	$	.53	$	.38	$	1.06	$	1.07
Earnings per common share, diluted	$	.52	$	.38	$	1.06	$	1.07

(a)

Represents an allocation of distributed earnings to unvested restricted stock which, as participating securities, are entitled to receive dividends.