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EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 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):


		Year Ended December 31,
		2023			2022			2021
Numerator for basic and diluted earnings per share:
Net income		$	29,918		$	42,253		$	39,034
Deduct net income attributable to non-controlling interests			(304)			(76)			(177)
Deduct earnings allocated to unvested restricted stock (a)			(1,291)			(1,434)			(1,326)
Net income available for common stockholders: basic and diluted		$	28,323		$	40,743		$	37,531
Denominator for basic earnings per share:
Weighted average number of common shares outstanding			20,499			20,360			20,086
Effect of dilutive securities: RSUs			57			93			178
Denominator for diluted earnings per share:
Weighted average number of shares			20,556			20,453			20,264

Earnings per common share, basic		$	1.38		$	2.00		$	1.87
Earnings per common share, diluted		$	1.38		$	1.99		$	1.85

(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, 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		23,237		42,625		65,862		19,388
July 1, 2022 (c)(d)		83,240		35,050		—		35,050		48,190
August 3, 2021 (c)(d)		79,622		39,811		—		39,811		39,811
Totals		248,112		98,098		42,625		140,723		107,389

Year Ended December 31, 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		40,222		—		40,222		45,128
August 3, 2021 (c)		80,700		40,350		—		40,350		40,350
August 3, 2020 (e)		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		Shares		Capital Metric		Return Metric		Total		Excluded (b)
August 3, 2021 (c)		80,700		40,350		40,350		80,700		—
August 3, 2020 (e)		75,026		37,513		37,513		75,026		—
July 1, 2019 (f)		75,026		37,513		37,513		75,026		—
Totals		230,752		115,376		115,376		230,752		—

(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)	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)	As of December 31, 2023, 1,078 shares of the 2021 award and 2,110 shares of the 2022 award were forfeited due to the retirement of a recipient before the completion of the applicable three-year performance cycle.

(e)	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 vested shares were issued in August 2023 (see Note 11).

(f)	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).