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EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2024

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

NOTE 11 – 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 September 30, 2024, the shares of common stock underlying the RSUs (see Note 10) 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						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.

NOTE 11 – 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 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).