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Earnings Per Common Share | 6 Months Ended
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Jun. 30, 2020
Earnings Per Common Share |
Earnings Per Common Share | Note 13 – 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 June 30, 2020, the shares of common stock underlying the RSUs awarded under the 2019 and 2016 Incentive Plans, respectively, (see Note 14) 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 and Six Months Ended June 30, 2020 (a)(b):
​ | ​ | Total Number of | ​ | Return on | ​ | Stockholder | ​ | ​ | ​ | Shares
Date of Award |  | Underlying Shares (c)(d) |  | Capital Metric |  | Return Metric |  | Total |  | Excluded (e)
September 26, 2017 (b) |  | 76,250 |  | 24,343 |  | — |  | 24,343 |  | 51,907
July 1, 2018 |  | 73,750 |  | 17,967 |  | — |  | 17,967 |  | 55,783
July 1, 2019 |  | 75,026 |  | 7,262 |  | — |  | 7,262 |  | 67,764
Totals |  | 225,026 |  | 49,572 |  | — |  | 49,572 |  | 175,454
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three and Six Months Ended June 30, 2019 (f):
​ | ​ | Total Number of | ​ | Return on | ​ | Stockholder | ​ | ​ | ​ | Shares
Date of Award |  | Underlying Shares (c) |  | Capital Metric |  | Return Metric |  | Total |  | Excluded (e)
September 26, 2017 (b) |  | 76,250 |  | 32,824 |  | 38,125 |  | 70,949 |  | 5,301
July 1, 2018 |  | 76,250 |  | 29,771 |  | 38,125 |  | 67,896 |  | 8,354
Totals |  | 152,500 |  | 62,595 |  | 76,250 |  | 138,845 |  | 13,655
(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 June 30, 2020.
(b) | With respect to the RSUs awarded September 26, 2017, 24,343 shares were deemed to have vested and 51,907 shares were forfeited on June 30, 2020; these shares were issued in August 2020 (see Note 14).
(c) | The RSUs awarded in 2018 and 2019 vest, subject to satisfaction of the applicable market and/or performance conditions, on June 30, 2021 and 2022, respectively (see Note 14).
(d) | As of June 30, 2020, 2,500 shares of the 2018 award and 2,750 shares of the 2019 award were forfeited.
​ Note 13 – Earnings Per Common Share (Continued)
(e) | Excluded as the applicable conditions had not been met for these shares at the respective measurement dates.
(f) | 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 June 30, 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 | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
Numerator for basic and diluted earnings per share: |  |  |  |  | ​ |  |  |  |  |  | ​ |
Net income | ​ | $ | 2,285 | ​ | $ | 4,558 | ​ | $ | 10,116 | ​ | $ | 8,569
Less net income attributable to non-controlling interests | ​ |  | (1) | ​ |  | (446) | ​ |  | (6) | ​ |  | (486)
Less earnings allocated to unvested restricted stock (a) | ​ |  | (316) | ​ |  | (310) | ​ |  | (632) | ​ |  | (620)
Net income available for common stockholders: basic and diluted | ​ | $ | 1,968 | ​ | $ | 3,802 | ​ | $ | 9,478 | ​ | $ | 7,463
Denominator for basic earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding | ​ |  | 19,445 | ​ |  | 19,023 | ​ |  | 19,403 | ​ |  | 18,959
Weighted average number of common shares issued through stock dividend | ​ | ​ | 60 | ​ | ​ | — | ​ | ​ | 30 | ​ | ​ | —
Effect of dilutive securities: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
RSUs | ​ |  | — | ​ |  | 106 | ​ |  | — | ​ |  | 101
Denominator for diluted earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of shares | ​ |  | 19,505 | ​ |  | 19,129 | ​ |  | 19,433 | ​ |  | 19,060
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per common share, basic | ​ | $ | .10 | ​ | $ | .20 | ​ | $ | .49 | ​ | $ | .39
Earnings per common share, diluted | ​ | $ | .10 | ​ | $ | .20 | ​ | $ | .49 | ​ | $ | .39
a) | Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.

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