Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 (a):

	Total Number of	Return on	Stockholder		Shares
Date of Award	Underlying Shares (b)(c)	Capital Metric	Return Metric	Total	Excluded (d)
July 1, 2018	73,750	26,456	—	26,456	47,294
July 1, 2019	75,026	25,724	—	25,724	49,302
August 3, 2020	75,026	37,513	—	37,513	37,513
Totals	223,802	89,693	—	89,693	134,109


Three and Nine Months Ended September 30, 2019 (e):

	Total Number of	Return on	Stockholder		Shares
Date of Award	Underlying Shares (b)(c)	Capital Metric	Return Metric	Total	Excluded (d)
September 26, 2017 (f)	76,250	26,840	27,224	54,064	22,186
July 1, 2018	76,250	22,321	—	22,321	53,929
July 1, 2019	77,776	15,168	—	15,168	62,608
Totals	230,276	64,329	27,224	91,553	138,723

(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).

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,
	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.