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EARNINGS PER COMMON SHARE | 9 Months Ended
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Sep. 30, 2025
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, 2025, 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,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Numerator for basic and diluted earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 11,105 | ​ | $ | 5,189 | ​ | $ | 24,692 | ​ | $ | 20,246
Deduct net income attributable to non-controlling interests | ​ |  | (627) | ​ |  | (12) | ​ |  | (1,628) | ​ |  | (361)
Deduct earnings allocated to unvested restricted stock (a) | ​ |  | (358) | ​ | ​ | (327) | ​ | ​ | (999) | ​ | ​ | (981)
Net income available for common stockholders: basic and diluted | ​ | $ | 10,120 | ​ | $ | 4,850 | ​ | $ | 22,065 | ​ | $ | 18,904
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator for basic earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding | ​ |  | 20,883 | ​ | ​ | 20,635 | ​ | ​ | 20,852 | ​ | ​ | 20,578
Effect of dilutive securities: RSUs | ​ |  | 63 | ​ | ​ | 118 | ​ | ​ | 64 | ​ | ​ | 99
Denominator for diluted earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of shares | ​ |  | 20,946 | ​ |  | 20,753 | ​ |  | 20,916 | ​ |  | 20,677
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per common share: basic | ​ | $ | .48 | ​ | $ | .24 | ​ | $ | 1.06 | ​ | $ | .92
Earnings per common share: diluted | ​ | $ | .48 | ​ | $ | .23 | ​ | $ | 1.05 | ​ | $ | .91
(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, 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 1, 2025 (c) | ​ | 91,075 | ​ | 33,824 | ​ | — | ​ | 33,824 | ​ | 57,251
July 16, 2024 (c)(d) | ​ | 87,500 | ​ | 28,103 | ​ | — | ​ | 28,103 | ​ | 59,397
July 1, 2023 (c)(d) |  | 84,500 | ​ | 26,931 | ​ | 38,702 | ​ | 65,633 | ​ | 18,867
Totals |  | 263,075 |  | 88,858 |  | 38,702 | ​ | 127,560 |  | 135,515
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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)(d) |  | 88,250 | ​ | 2,067 | ​ | 44,125 | ​ | 46,192 | ​ | 42,058
July 1, 2023 (c)(d) |  | 85,250 | ​ | 14,373 | ​ | 42,625 | ​ | 56,998 | ​ | 28,252
July 1, 2022 (e) | ​ | 83,240 | ​ | 25,160 | ​ | 38,225 | ​ | 63,385 | ​ | 19,855
Totals |  | 256,740 |  | 41,600 |  | 124,975 |  | 166,575 |  | 90,165
(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 2025, 2024 and 2023 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2028, 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 were issued in August 2025 (see Note 10).

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