XML 44 R21.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

Note 12 – Earnings Per Common Share

Basic earnings per share was determined by dividing net income allocable to common stockholders for each year by the weighted average number of shares of common stock outstanding during the applicable year. Net income is also allocated to the unvested restricted stock outstanding during each year, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. As of March 31, 2020, the shares of common stock underlying the restricted stock units (the “RSUs”) awarded under the 2019 and 2016 Incentive Plans (see Note 13) are excluded from the basic earnings per share calculation, as these units are not participating securities.

Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company.

The following table identifies the number of shares of common stock underlying the RSUs that are included in determining the diluted weighted average number of shares of common stock:


Three Months Ended March 31, 2020 (a):
	Total Number of	Return on	Stockholder		Shares
Date of Award	Underlying Shares (b)(c)	Capital Metric	Return Metric	Total	Excluded (d)
September 26, 2017	76,250	26,036	—	26,036	50,214
July 1, 2018	73,750	20,423	—	20,423	53,327
July 1, 2019	75,026	12,261	—	12,261	62,765
Totals	225,026	58,720	—	58,720	166,306


Three Months Ended March 31, 2019 (e):
	Total Number of	Return on	Stockholder		Shares
Date of Award	Underlying Shares (b)	Capital Metric	Return Metric	Total	Excluded (d)
September 26, 2017	76,250	33,611	38,125	71,736	4,514
July 1, 2018	76,250	31,344	38,125	69,469	6,781
Totals	152,500	64,955	76,250	141,205	11,295

(a)

Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is March 31, 2020.

(b)

The RSUs awarded in 2017, 2018 and 2019 vest, subject to satisfaction of the applicable market and/or performance conditions, on June 30, 2020, 2021 and 2022, respectively (see Note 13).

(c)

As of March 31, 2020, 2,500 shares of the 2018 award and 2,750 shares of the 2019 award were forfeited.

Note 12 – Earnings Per Common Share (Continued)

(d)

Excluded as the applicable conditions had not been met for these shares at the respective measurement dates.

(e)

Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is March 31, 2019.

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
		March 31,
		2020		2019
Numerator for basic and diluted earnings per share:
Net income	$	7,831	$	4,011
Less net income attributable to non-controlling interests		(5)		(40)
Less earnings allocated to unvested restricted stock (a)		(316)		(311)
Net income available for common stockholders: basic and diluted	$	7,510	$	3,660

Denominator for basic earnings per share:
Weighted average number of common shares		19,361		18,894
Effect of dilutive securities:
RSUs		13		99
Denominator for diluted earnings per share:
Weighted average number of shares		19,374		18,993

Earnings per common share, basic	$	.39	$	.19
Earnings per common share, diluted	$	.39	$	.19

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