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EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2024

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						Six Months Ended
		June 30,						June 30,
		2024			2023			2024			2023
Numerator for basic and diluted earnings per share:
Net income		$	9,677		$	6,539		$	15,057		$	11,947
Deduct net income attributable to non-controlling interests			(124)			(20)			(349)			(42)
Deduct earnings allocated to unvested restricted stock (a)			(327)			(320)			(654)			(649)
Net income available for common stockholders: basic and diluted		$	9,226		$	6,199		$	14,054		$	11,256

Denominator for basic earnings per share:
Weighted average number of common shares outstanding			20,590			20,571			20,550			20,544
Effect of dilutive securities: RSUs			93			71			82			68
Denominator for diluted earnings per share:
Weighted average number of shares			20,683			20,642			20,632			20,612

Earnings per common share: basic and diluted		$	.45		$	.30		$	.68		$	.55

(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 Six Months Ended June 30, 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		26,750		42,625		69,375		15,875
July 1, 2022 (c)		83,240		36,765		—		36,765		46,475
August 3, 2021 (d)		79,622		39,811		—		39,811		39,811
Totals		248,112		103,326		42,625		145,951		102,161


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 (d)		80,700		40,350		—		40,350		40,350
August 3, 2020 (e)		75,026		37,494		37,494		74,988		38
Totals		241,076		120,519		37,494		158,013		83,063

(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 2023 and 2022 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2026 and 2025, respectively (see Note 10).

(d)	With respect to the RSUs awarded August 3, 2021, 39,811 shares were deemed to have vested and the balance of 39,811 shares were forfeited as of June 30, 2024 (see Note 10). The vested shares will be issued in August 2024.

(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 as of June 30, 2023 (see Note 10). The vested shares were issued in August 2023.