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EARNINGS PER COMMON SHARE | 9 Months Ended
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Sep. 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 September 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 | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
Numerator for basic and diluted earnings per share: |  |  |  |  | ​ |  |  |  |  |  | ​ |
Net income | ​ | $ | 2,769 | ​ | $ | 7,221 | ​ | $ | 14,716 | ​ | $ | 33,346
Deduct net income attributable to non-controlling interests | ​ |  | (22) | ​ |  | (17) | ​ |  | (64) | ​ |  | (52)
Deduct earnings allocated to unvested restricted stock (a) | ​ |  | (321) | ​ | ​ | (320) | ​ | ​ | (971) | ​ | ​ | (1,134)
Net income available for common stockholders: basic and diluted | ​ | $ | 2,426 | ​ | $ | 6,884 | ​ | $ | 13,681 | ​ | $ | 32,160
Denominator for basic earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding | ​ |  | 20,567 | ​ | ​ | 20,340 | ​ | ​ | 20,552 | ​ | ​ | 20,361
Effect of dilutive securities: RSUs | ​ |  | 29 | ​ | ​ | 76 | ​ | ​ | 46 | ​ | ​ | 111
Denominator for diluted earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of shares | ​ |  | 20,596 | ​ |  | 20,416 | ​ |  | 20,598 | ​ |  | 20,472
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per common share, basic | ​ | $ | .12 | ​ | $ | .34 | ​ | $ | .67 | ​ | $ | 1.58
Earnings per common share, diluted | ​ | $ | .12 | ​ | $ | .34 | ​ | $ | .66 | ​ | $ | 1.57
(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 Nine Months Ended September 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, 2023 (c) | ​ | 85,250 | ​ | 23,839 | ​ | — | ​ | 23,839 | ​ | 61,411
July 1, 2022 (c) |  | 85,350 | ​ | 35,344 | ​ | — | ​ | 35,344 | ​ | 50,006
August 3, 2021 (c) |  | 80,700 | ​ | 39,811 | ​ | — | ​ | 39,811 | ​ | 40,889
Totals |  | 251,300 |  | 98,994 |  | — |  | 98,994 |  | 152,306
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three and Nine Months Ended September 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)
July 1, 2022 (c) |  | 85,350 | ​ | 20,210 | ​ | — | ​ | 20,210 | ​ | 65,140
August 3, 2021 (c) |  | 80,700 | ​ | 40,350 | ​ | — | ​ | 40,350 | ​ | 40,350
August 3, 2020 (d) | ​ | 75,026 | ​ | 37,513 | ​ | 37,513 | ​ | 75,026 | ​ | —
Totals |  | 241,076 |  | 98,073 |  | 37,513 |  | 135,586 |  | 105,490
(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 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 2023, 2022 and 2021 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2026, 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 in June 2023. The 74,988 vested shares were issued in August 2023 (see Note 11).

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