Basic earnings per share was determined by dividing net income allocable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. 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 September 30, 2020, the shares of common stock underlying the RSUs awarded between 2018 and 2020 under the 2019 and 2016 Incentive Plans (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:

(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 September 30, 2020.

(b)

The RSUs awarded in 2018, 2019 and 2020 vest, subject to satisfaction of the applicable market and/or performance conditions, on June 30, 2021, 2022 and 2023, respectively (see Note 14).

(c)

As of September 30, 2020, 2,500 shares of the 2018 award and 2,750 shares of the 2019 award were forfeited.

(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 September 30, 2019.

(f)

With respect to the RSUs awarded September 26, 2017, 24,343 shares vested and 51,907 shares were forfeited in June 2020; such shares were issued in August 2020 (see Note 14).

Note 13 – Earnings Per Common Share (Continued)

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,
	2020		2019		2020		2019
Numerator for basic and diluted earnings per share:
Net income	$	13,726	$	5,097	$	23,842	$	13,666
Deduct/add net (income) loss attributable to non-controlling interests		(1)		21		(7)		(465)
Less earnings allocated to unvested restricted stock (a)		(472)		(303)		(947)		(924)
Net income available for common stockholders: basic and diluted	$	13,253	$	4,815	$	22,888	$	12,277
Denominator for basic earnings per share:
Weighted average number of common shares outstanding		19,640		19,191		19,483		19,037
Weighted average number of common shares issued through stock dividend		34		—		11		—
Effect of dilutive securities:
RSUs		12		48		17		39
Denominator for diluted earnings per share:
Weighted average number of shares		19,686		19,239		19,511		19,076

Earnings per common share, basic and diluted	$	.67	$	.25	$	1.17	$	.64

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