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Note 10 - Earnings Per Share
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026 and 2025, the Company excluded zero and zero, respectively, of unvested shares and units as their effect would have been anti-dilutive. For the six months ended June 30, 2026 and 2025, the Company excluded 1,324,507 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 six months ended

 
  

June 30,

  

June 30,

 
  

2026

  

2025

  

2026

  

2025

 

Numerator:

                

Net income (loss) attributable to common shareholders

 $6,227  $3,389  $(70) $2,936 

Dividends on unvested shares and units

  (62)  (49)  (125)  (99)

Net income (loss) attributable to common shareholders excluding amounts attributable to unvested shares and units

 $6,165  $3,340  $(195) $2,837 

Denominator:

                

Weighted average number of common shares - basic

  46,634,258   48,998,696   46,941,191   48,979,914 

Unvested shares and units

  1,278,798   566,997   —   1,005,930 

Weighted average number of common shares - diluted

  47,913,056   49,565,693   46,941,191   49,985,844 

Basic income (loss) per common share:

                

Net income (loss) attributable to common shareholders per weighted average basic common share

 $0.13  $0.07  $(0.00) $0.06 

Diluted income (loss) per common share:

                

Net income (loss) attributable to common shareholders per weighted average diluted common share

 $0.13  $0.07  $(0.00) $0.06