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EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2022

EARNINGS PER COMMON SHARE

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):

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
​	​	​	Year Ended December 31,
​		​	2022			2021			2020
Numerator for basic and diluted earnings per share:		​	​	​	​	​	​	​	​	​
Net income	​	​	$	42,253	​	$	39,034	​	$	27,413
Deduct net income attributable to non-controlling interests	​	​	​	(76)	​		(177)	​		(6)
Deduct earnings allocated to unvested restricted stock (a)	​	​	​	(1,434)	​		(1,326)	​		(1,263)
Net income available for common stockholders: basic and diluted	​	​	$	40,743	​	$	37,531	​	$	26,144
Denominator for basic earnings per share:	​	​	​	​	​	​	​	​	​	​
Weighted average number of common shares outstanding	​	​	​	20,360	​		20,086	​		19,571
Effect of dilutive securities: RSUs	​	​	​	93	​		178	​		28
Denominator for diluted earnings per share:	​	​	​	​	​	​	​	​	​	​
Weighted average number of shares	​	​	​	20,453	​		20,264	​		19,599
​	​	​	​	​	​	​	​	​	​	​
Earnings per common share, basic	​	​	$	2.00	​	$	1.87	​	$	1.34
Earnings per common share, diluted	​	​	$	1.99	​	$	1.85	​	$	1.33

(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 for such years:

​

​	​	​	​	​	​	​	​	​	​	​
Year Ended December 31, 2022:
​		Total Number		Shares Included Based on (a)						​
​	​	of Underlying	​	Return on	​	Stockholder	​	​	​	Shares
Date of Award (b)		Shares		Capital Metric		Return Metric		Total		Excluded (c)
July 1, 2022	​	85,350	​	40,222	​	—	​	40,222	​	45,128
August 3, 2021		80,700	​	40,350	​	—	​	40,350	​	40,350
August 3, 2020		75,026	​	37,513	​	37,513	​	75,026	​	—
Totals		241,076		118,085		37,513		155,598		85,478
​	​	​	​	​	​	​	​	​	​	​
Year Ended December 31, 2021:
​		Total Number		Shares Included Based on (a)						​
​	​	of Underlying	​	Return on	​	Stockholder	​	​	​	Shares
Date of Award (b)	​	Shares		Capital Metric		Return Metric		Total	​	Excluded (c)
August 3, 2021	​	80,700	​	40,350	​	40,350	​	80,700	​	—
August 3, 2020		75,026	​	37,513	​	37,513	​	75,026	​	—
July 1, 2019 (d)		75,026	​	37,513	​	37,513	​	75,026	​	—
Totals		230,752	​	115,376		115,376		230,752		—
​	​	​	​	​	​	​	​	​	​	​
Year Ended December 31, 2020:
​		Total Number		Shares Included Based on (a)						​
​	​	of Underlying	​	Return on	​	Stockholder	​	​	​	Shares
Date of Award (b)	​	Shares		Capital Metric		Return Metric		Total	​	Excluded (c)
August 3, 2020	​	75,026	​	37,513	​	37,513	​	75,026	​	—
July 1, 2019 (d)	​	75,026	​	23,233	​	—	​	23,233	​	51,793
July 1, 2018 (e)	​	73,750	​	24,823	​	—	​	24,823	​	48,927
Totals		223,802	​	85,569		37,513		123,082		100,720

(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 December 31 of the applicable year.

(b) The RSUs awarded in 2022, 2021 and 2020 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2025, 2024 and 2023, respectively (see Note 12).

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

(d) With respect to the RSUs awarded July 1, 2019, 64,488 shares were deemed to have vested and the balance of 10,538 shares were forfeited in June 2022. The vested shares were issued in August 2022 (see Note 12).

(e) With respect to the RSUs awarded July 1, 2018, all 73,750 shares vested and such shares were issued in August 2021 (see Note 12).

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

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Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit).

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
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