Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2020

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


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.

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				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.