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EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2023

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, 2023, the shares of common stock underlying the RSUs (see Note 11) are excluded from the basic earnings per share calculation, as these units are not participating securities until they vest and are issued.

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,
		2023			2022			2023			2022
Numerator for basic and diluted earnings per share:
Net income		$	6,539		$	16,785		$	11,947		$	26,125
Deduct net income attributable to non-controlling interests			(20)			(18)			(42)			(35)
Deduct earnings allocated to unvested restricted stock (a)			(320)			(570)			(649)			(891)
Net income available for common stockholders: basic and diluted		$	6,199		$	16,197		$	11,256		$	25,199
Denominator for basic earnings per share:
Weighted average number of common shares outstanding			20,571			20,364			20,544			20,372
Effect of dilutive securities: RSUs			71			116			68			113
Denominator for diluted earnings per share:
Weighted average number of shares			20,642			20,480			20,612			20,485

Earnings per common share, basic		$	.30		$	.80		$	.55		$	1.24
Earnings per common share, diluted		$	.30		$	.79		$	.55		$	1.23

(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 for such periods:


Three and Six Months Ended June 30, 2023:
		Total Number		Shares Included Based on (a)
		of Underlying		Return on		Stockholder				Shares
Date of Award		Shares		Capital Metric		Return Metric		Total		Excluded (b)
July 1, 2022 (c)		85,350		42,675		—		42,675		42,675
August 3, 2021 (c)		80,700		40,350		—		40,350		40,350
August 3, 2020 (d)		75,026		37,494		37,494		74,988		38
Totals		241,076		120,519		37,494		158,013		83,063


Three and Six Months Ended June 30, 2022:
		Total Number		Shares Included Based on (a)
		of Underlying		Return on		Stockholder				Shares
Date of Award		Shares		Capital Metric		Return Metric		Total		Excluded (b)
August 3, 2021 (c)		80,700		40,350		—		40,350		40,350
August 3, 2020 (d)		75,026		37,513		37,513		75,026		—
July 1, 2019 (e)		75,026		37,513		26,975		64,488		10,538
Totals		230,752		115,376		64,488		179,864		50,888

(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 of the applicable period.

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

(c)	The RSUs awarded in 2022 and 2021 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2025 and 2024, respectively (see Note 11).

(d)	With respect to the RSUs awarded August 3, 2020, 74,988 shares were deemed to have vested and the balance of 38 shares were forfeited as of June 30, 2023. The 74,988 vested shares were issued in August 2023 (see Note 11).

(e)	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 11).