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EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended
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Sep. 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 | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Numerator for basic and diluted earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 5,189 | ​ | $ | 2,769 | ​ | $ | 20,246 | ​ | $ | 14,716
Deduct net income attributable to non-controlling interests | ​ |  | (12) | ​ |  | (22) | ​ |  | (361) | ​ |  | (64)
Deduct earnings allocated to unvested restricted stock (a) | ​ |  | (327) | ​ | ​ | (321) | ​ | ​ | (981) | ​ | ​ | (971)
Net income available for common stockholders: basic and diluted | ​ | $ | 4,850 | ​ | $ | 2,426 | ​ | $ | 18,904 | ​ | $ | 13,681
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator for basic earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding | ​ |  | 20,635 | ​ | ​ | 20,567 | ​ | ​ | 20,578 | ​ | ​ | 20,552
Effect of dilutive securities: RSUs | ​ |  | 118 | ​ | ​ | 29 | ​ | ​ | 99 | ​ | ​ | 46
Denominator for diluted earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of shares | ​ |  | 20,753 | ​ |  | 20,596 | ​ |  | 20,677 | ​ |  | 20,598
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per common share: basic | ​ | $ | .24 | ​ | $ | .12 | ​ | $ | .92 | ​ | $ | .67
Earnings per common share: diluted | ​ | $ | .23 | ​ | $ | .12 | ​ | $ | .91 | ​ | $ | .66
(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, 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 16, 2024 (c) | ​ | 88,250 | ​ | 2,067 | ​ | 44,125 | ​ | 46,192 | ​ | 42,058
July 1, 2023 (c) |  | 85,250 | ​ | 14,373 | ​ | 42,625 | ​ | 56,998 | ​ | 28,252
July 1, 2022 (c) |  | 83,240 | ​ | 25,160 | ​ | 38,225 | ​ | 63,385 | ​ | 19,855
Totals |  | 256,740 |  | 41,600 |  | 124,975 |  | 166,575 |  | 90,165
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 (d) | ​ | 80,700 | ​ | 39,811 | ​ | — | ​ | 39,811 | ​ | 40,889
Totals |  | 251,300 |  | 98,994 |  | — |  | 98,994 |  | 152,306
(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 2024, 2023 and 2022 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2027, 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 in June 2024. The vested shares were issued in August 2024 (see Note 10).

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