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EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2023

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):


		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.

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 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).