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EARNINGS PER COMMON SHARE | 6 Months Ended
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Jun. 30, 2021
EARNINGS PER COMMON SHARE |
EARNINGS PER COMMON SHARE | NOTE 10 – EARNINGS PER COMMON SHARE ​ Basic earnings per share was determined by dividing net income allocable to common stockholders for each period by the weighted average number of shares of common stock outstanding during the applicable period. Net income is also allocated to the unvested restricted stock outstanding during each period, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. As of June 30, 2021, the shares of common stock underlying the RSUs awarded between 2018 and 2020 under the 2016 and 2019 Incentive Plans (see Note 11) 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 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,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
Numerator for basic and diluted earnings per share: |  |  |  |  | ​ |  |  |  |  |  | ​ |
Net income | ​ | $ | 23,332 | ​ | $ | 2,285 | ​ | $ | 26,289 | ​ | $ | 10,116
(Deduct) add net (income) loss attributable to non-controlling interests | ​ |  | (3) | ​ |  | (1) | ​ |  | 2 | ​ |  | (6)
Deduct earnings allocated to unvested restricted stock (a) | ​ |  | (801) | ​ |  | (316) | ​ |  | (907) | ​ |  | (632)
Net income available for common stockholders: basic and diluted | ​ | $ | 22,528 | ​ | $ | 1,968 | ​ | $ | 25,384 | ​ | $ | 9,478
Denominator for basic earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding | ​ |  | 20,013 | ​ |  | 19,445 | ​ |  | 20,008 | ​ | ​ | 19,403
Weighted average number of common shares issued through stock dividend | ​ | ​ | — | ​ | ​ | 60 | ​ | ​ | — | ​ | ​ | 30
Effect of dilutive securities: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
RSUs | ​ |  | 174 | ​ |  | — | ​ |  | 167 | ​ | ​ | —
Denominator for diluted earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of shares | ​ |  | 20,187 | ​ |  | 19,505 | ​ |  | 20,175 | ​ |  | 19,433
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per common share, basic | ​ | $ | 1.13 | ​ | $ | .10 | ​ | $ | 1.27 | ​ | $ | .49
Earnings per common share, diluted | ​ | $ | 1.12 | ​ | $ | .10 | ​ | $ | 1.26 | ​ | $ | .49
| (a) | Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.
NOTE 10 – EARNINGS PER COMMON SHARE (CONTINUED) ​ The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, of the weighted average number of shares of common stock: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three and Six Months Ended June 30, 2021 (a):
​ |  | Total Number |  | Shares Included Based on |  | ​
​ | ​ | of Underlying | ​ | Return on | ​ | Stockholder | ​ | ​ | ​ | Shares
Date of Award |  | Shares (b)(c) |  | Capital Metric |  | Return Metric |  | Total |  | Excluded (d)
July 1, 2018 (e) |  | 73,750 |  | 36,875 | ​ | 36,875 |  | 73,750 |  | —
July 1, 2019 |  | 75,026 |  | 37,513 | ​ | 37,513 |  | 75,026 |  | —
August 3, 2020 |  | 75,026 |  | 37,513 | ​ | 37,513 |  | 75,026 |  | —
Totals |  | 223,802 |  | 111,901 |  | 111,901 |  | 223,802 |  | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three and Six Months Ended June 30, 2020 (f):
​ |  | Total Number |  | Shares Included Based on |  | ​
​ | ​ | of Underlying | ​ | Return on | ​ | Stockholder | ​ | ​ | ​ | Shares
Date of Award |  | Shares (b)(c) |  | Capital Metric |  | Return Metric |  | Total |  | Excluded (d)
September 26, 2017 (g) |  | 76,250 |  | 24,343 |  | — |  | 24,343 |  | 51,907
July 1, 2018 (e) |  | 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
(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, 2021.
(b) | The RSUs awarded in 2019 and 2020 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2022 and 2023, respectively (see Note 11).
(c) | During 2019, 2,500 shares of the 2018 award and 2,750 shares of the 2019 award were forfeited (see Note 11).
(d) | Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates.
(e) | With respect to the RSUs awarded July 1, 2018, all 73,750 shares were deemed to have vested; these shares were issued in August 2021 (see Note 11).
(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, 2020.
(g) | With respect to the RSUs awarded September 26, 2017, 24,343 shares vested and 51,907 shares were forfeited in 2020 (see Note 11).

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