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Note 10 - Earnings Per Share

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

10. Earnings Per Share

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, 2025 and 2024, 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, 2025 and 2024, the Company excluded zero and 373,200, 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,
		2025				2024				2025				2024
Numerator:
Net income (loss) attributable to common shareholders		$	1,544			$	2,264			$	4,479			$	(88	)
Dividends on unvested shares and units			(49	)			(32	)			(148	)			(96	)
Net income (loss) attributable to common shareholders excluding amounts attributable to unvested shares and units		$	1,495			$	2,232			$	4,331			$	(184	)
Denominator:
Weighted average number of common shares - basic			48,910,697				48,904,179				48,956,588				48,898,947
Unvested shares and units			689,553				162,285				1,111,504				—
Weighted average number of common shares - diluted			49,600,250				49,066,464				50,068,092				48,898,947
Basic income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average basic common share		$	0.03			$	0.05			$	0.09			$	—
Diluted income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average diluted common share		$	0.03			$	0.05			$	0.09			$	—

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-3

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