Earnings Per Share

9 Months Ended

Sep. 30, 2024

The two-class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. The LTIP units held by the non-controlling interest holders, which may be converted to common shares, have been excluded from the denominator of the diluted earnings per common share calculation as there would be no effect on the amounts since limited partners' share of income or loss would also be added back to net income or loss. Unvested restricted shares, unvested long-term incentive plan units and unvested Class A Performance LTIP units that could potentially dilute basic earnings per common share in the future would not be included in the computation of diluted loss per common share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. For the three months ended September 30, 2024 and 2023, the Company excluded zero and zero, respectively, of unvested shares and units as their effect would have been anti-dilutive. For the nine months ended September 30, 2024 and 2023, the Company excluded 373,200 and zero, respectively, of unvested shares and units as their effect would have been anti-dilutive.

The following is a reconciliation of the amounts used in calculating basic and diluted net income per common share (in thousands, except share and per share data):


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Numerator:
Net income (loss) attributable to common shareholders	$	2,264	$	5,342	$	(88)	$	5,662
Dividends on unvested shares and units	(32)		(27)		(96)		(83)

Net income (loss) attributable to common shareholders excluding amounts attributable to unvested shares and units	$	2,232	$	5,315	$	(184)	$	5,579
Denominator:
Weighted average number of common shares - basic	48,904,179		48,850,339		48,898,947		48,845,374

Unvested shares and units	162,285		153,745		—		130,711
Weighted average number of common shares - diluted	49,066,464		49,004,084		48,898,947		48,976,085
Basic income per common share:
Net income attributable to common shareholders per weighted average basic common share	$	0.05	$	0.11	$	—	$	0.11
Diluted income per common share:
Net income attributable to common shareholders per weighted average diluted common share	$	0.05	$	0.11	$	—	$	0.11