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EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2025

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,
		2025			2024			2025			2024
Numerator for basic and diluted earnings per share:
Net income		$	9,418		$	9,677		$	13,587		$	15,057
Deduct net income attributable to non-controlling interests			(987)			(124)			(1,001)			(349)
Deduct earnings allocated to unvested restricted stock (a)			(332)			(327)			(666)			(654)
Net income available for common stockholders: basic and diluted		$	8,099		$	9,226		$	11,920		$	14,054

Denominator for basic earnings per share:
Weighted average number of common shares outstanding			20,853			20,590			20,836			20,550
Effect of dilutive securities: RSUs			114			93			112			82
Denominator for diluted earnings per share:
Weighted average number of shares			20,967			20,683			20,948			20,632

Earnings per common share: basic and diluted		$	.39		$	.45		$	.57		$	.68

(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, 2025:
		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)(d)		87,500		23,709		43,750		67,459		20,041
July 1, 2023 (c)(d)		84,500		24,706		42,250		66,956		17,544
July 1, 2022 (e)		83,240		32,030		4,674		36,704		46,536
Totals		255,240		80,445		90,674		171,119		84,121


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)(d)		85,250		26,750		42,625		69,375		15,875
July 1, 2022 (e)		83,240		36,765		—		36,765		46,475
August 3, 2021 (f)		79,622		39,811		—		39,811		39,811
Totals		248,112		103,326		42,625		145,951		102,161

(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 2024 and 2023 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2027 and 2026, respectively (see Note 10).

(d)	In May 2025, RSUs with respect to 750 shares were forfeited pursuant to each of the RSUs awarded in 2024 and 2023, as the recipient did not maintain a relationship with the Company during the applicable three-year performance cycle.

(e)	With respect to the RSUs awarded July 1, 2022, 36,704 shares were deemed to have vested and the balance of 46,536 shares were forfeited as of June 30, 2025. The vested shares will be issued in August 2025.

(f)	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. The vested shares were issued in August 2024.