Note 9 - Earnings Per Share

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

9.  EARNINGS PER SHARE

Basic earnings per share for our common shareholders is calculated by dividing net income excluding the net income attributable to unvested restricted common shares and the net income attributable to noncontrolling interests, by our weighted average common shares outstanding during the period.  Diluted earnings per share is computed by dividing the net income attributable to common shareholders, excluding the net income attributable to unvested restricted common shares and the net income attributable to noncontrolling interests, by the weighted average number of common shares including any dilutive unvested restricted common shares.

Certain of our performance-based restricted common shares are considered participating securities that require the use of the two-class method for the computation of basic and diluted earnings per share.  During the three months ended September 30, 2024 and 2023, 649,200 and 693,595 OP units, respectively, were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive, and during the nine months ended September 30, 2024 and 2023, 653,990 and 694,054 OP units, respectively, were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share data)	2024			2023			2024			2023
Numerator:
Net income	$	7,723		$	2,521		$	19,813		$	17,887
Less: Net income attributable to noncontrolling interests		(99	)		(35	)		(257	)		(248	)
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	7,624		$	2,486		$	19,556		$	17,639
Denominator:
Weighted average number of common shares - basic		50,297			49,534			50,067			49,472
Effect of dilutive securities:
Unvested restricted shares		1,008			1,103			1,039			927
Weighted average number of common shares - dilutive		51,305			50,637			51,106			50,399
Earnings Per Share:
Basic:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	0.15		$	0.05		$	0.39		$	0.36
Diluted:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	0.15		$	0.05		$	0.38		$	0.35