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EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2024

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

NOTE 12 — EARNINGS PER COMMON SHARE

Basic earnings per share was determined by dividing net income allocable to common stockholders for each year by the weighted average number of shares of common stock outstanding during the applicable year. Net income is also allocated to the unvested restricted stock outstanding during each year, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. As of December 31, 2024, the shares of common stock underlying the RSUs (see Note 11) 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):


		Year Ended December 31,
		2024			2023			2022
Numerator for basic and diluted earnings per share:
Net income		$	30,798		$	29,918		$	42,253
Deduct net income attributable to non-controlling interests			(381)			(304)			(76)
Deduct earnings allocated to unvested restricted stock (a)			(1,309)			(1,291)			(1,434)
Net income available for common stockholders: basic and diluted		$	29,108		$	28,323		$	40,743

Denominator for basic earnings per share:
Weighted average number of common shares outstanding			20,600			20,499			20,360
Effect of dilutive securities: RSUs			122			57			93
Denominator for diluted earnings per share:
Weighted average number of shares			20,722			20,556			20,453

Earnings per common share: basic		$	1.41		$	1.38		$	2.00
Earnings per common share: diluted		$	1.40		$	1.38		$	1.99

(a)	Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.

NOTE 12 — 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 years:


Year Ended December 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 16, 2024 (c)		88,250		16,955		44,125		61,080		27,170
July 1, 2023 (c)		85,250		21,564		42,625		64,189		21,061
July 1, 2022 (c)		83,240		29,841		40,036		69,877		13,363
Totals		256,740		68,360		126,786		195,146		61,594

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 (d)(e)		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 (d)(e)		80,700		40,350		—		40,350		40,350
August 3, 2020 (f)		75,026		37,513		37,513		75,026		—
Totals		241,076		118,085		37,513		155,598		85,478

(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 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 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 an executive officer before the completion of the applicable three-year performance cycle.

(e)	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 11).

(f)	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).

There were no options outstanding to purchase shares of common stock or other rights exercisable for, or convertible into, common stock in 2024, 2023 and 2022.