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EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2021

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,
	2021		2020		2021		2020
Numerator for basic and diluted earnings per share:
Net income	$	6,212	$	13,726	$	32,501	$	23,842
Deduct net income attributable to non-controlling interests		(153)		(1)		(151)		(7)
Deduct earnings allocated to unvested restricted stock (a)		(318)		(472)		(1,108)		(947)
Net income available for common stockholders: basic and diluted	$	5,741	$	13,253	$	31,242	$	22,888
Denominator for basic earnings per share:
Weighted average number of common shares outstanding		20,115		19,640		20,044		19,483
Weighted average number of common shares issued through stock dividend		—		34		—		11
Effect of dilutive securities: RSUs		158		12		154		17
Denominator for diluted earnings per share:
Weighted average number of shares		20,273		19,686		20,198		19,511

Earnings per common share, basic	$	.29	$	.67	$	1.56	$	1.17
Earnings per common share, diluted	$	.28	$	.67	$	1.55	$	1.17

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

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

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 Nine Months Ended September 30, 2021 (a):
	Total Number	Shares Included Based on
	of Underlying	Return on	Stockholder		Shares
Date of Award	Shares (b)	Capital Metric	Return Metric	Total	Excluded (c)
July 1, 2019	75,026	37,513	37,513	75,026	—
August 3, 2020	75,026	37,513	37,513	75,026	—
August 3, 2021	80,700	23,375	17,722	41,097	39,603
Totals	230,752	98,401	92,748	191,149	39,603


Three and Nine Months Ended September 30, 2020 (d):
	Total Number	Shares Included Based on
	of Underlying	Return on	Stockholder		Shares
Date of Award	Shares (b)(e)	Capital Metric	Return Metric	Total	Excluded (c)
July 1, 2018 (f)	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

(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, 2021.

(b)	The RSUs awarded in 2019, 2020 and 2021 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2022, 2023 and 2024, respectively (see Note 11).

(c)	Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates.

(d)	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.

(e)	During 2019, 2,500 shares of the 2018 award and 2,750 shares of the 2019 award were forfeited (see Note 11).

(f)	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).