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EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2024

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 March 31, 2024, the shares of common stock underlying the RSUs (see Note 9) 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
		March 31,
		2024			2023
Numerator for basic and diluted earnings per share:
Net income		$	5,380		$	5,408
Deduct net income attributable to non-controlling interests			(225)			(22)
Deduct earnings allocated to unvested restricted stock (a)			(327)			(329)
Net income available for common stockholders: basic and diluted		$	4,828		$	5,057

Denominator for basic earnings per share:
Weighted average number of common shares outstanding			20,509			20,514
Effect of dilutive securities: RSUs			70			65
Denominator for diluted earnings per share:
Weighted average number of shares			20,579			20,579

Earnings per common share: basic		$	.24		$	.25
Earnings per common share: diluted		$	.23		$	.25

(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 Months Ended March 31, 2024:
		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		27,062		42,625		69,687		15,563
July 1, 2022 (c)		83,240		36,917		—		36,917		46,323
August 3, 2021 (c)		79,622		39,811		—		39,811		39,811
Totals		248,112		103,790		42,625		146,415		101,697


Three Months Ended March 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, 2022 (c)(d)		85,350		42,522		—		42,522		42,828
August 3, 2021 (c)(d)		80,700		40,350		—		40,350		40,350
August 3, 2020 (e)		75,026		37,513		37,513		75,026		—
Totals		241,076		120,385		37,513		157,898		83,178

(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 March 31 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 9).

(d)	Subsequent to March 31, 2023, 2,110 shares of the 2022 award and 1,078 shares of the 2021 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.