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Income Per Share and Per Unit (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Computation of Basic Net Income Per Share The computation of basic net income per share is presented below:

 

Three Months Ended

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

 

June 30, 2024

 

 

June 30, 2023

 

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

4,664,232

 

 

$

5,257,670

 

 

$

5,987,053

 

 

$

6,645,185

 

 

Less: Net income allocated to participating share awards

 

(52,283

)

 

 

(71,282

)

 

 

(76,480

)

 

 

(81,225

)

 

Net income attributable to non-controlling interest

 

(48,151

)

 

 

(130,798

)

 

 

(36,033

)

 

 

(105,838

)

 

Undeclared distributions to preferred stockholders

 

(1,994,313

)

 

 

(1,994,313

)

 

 

(3,988,625

)

 

 

(3,988,625

)

 

Net Income attributable to common stockholders for EPS computation

$

2,569,485

 

 

$

3,061,277

 

 

$

1,885,915

 

 

$

2,469,497

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number common shares outstanding for basic EPS computation

 

19,431,455

 

 

 

18,712,452

 

 

 

19,395,528

 

 

 

18,658,538

 

 

Effect of dilutive participating securities:

 

 

 

 

 

 

 

 

 

 

 

 

Unvested restricted shares

 

—

 

(1)

 

2,646

 

 

 

—

 

(1)

 

—

 

(1)

Weighted average number common and common equivalent shares outstanding for diluted EPS computation

 

19,431,455

 

 

 

18,715,098

 

 

 

19,395,528

 

 

 

18,658,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed income

$

0.13

 

 

$

0.16

 

 

$

0.10

 

 

$

0.13

 

 

Total basic

$

0.13

 

 

$

0.16

 

 

$

0.10

 

 

$

0.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed income

$

0.13

 

 

$

0.16

 

 

$

0.10

 

 

$

0.13

 

 

Total diluted

$

0.13

 

 

$

0.16

 

 

$

0.10

 

 

$

0.13

 

 

(1) Anti-dilutive, therefore not included.
Computation of Basic Net Income Per Unit

Income Per Unit – The computation of basic net income per unit is presented below:

 

 

Three Months Ended

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

 

June 30, 2024

 

 

June 30, 2023

 

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

4,664,232

 

 

$

5,257,670

 

 

$

5,987,053

 

 

$

6,645,185

 

 

Less: Net income allocated to participating unit awards

 

(52,283

)

 

 

(71,282

)

 

 

(76,480

)

 

 

(81,225

)

 

Undeclared distributions to preferred unitholders

 

(1,994,313

)

 

 

(1,994,313

)

 

 

(3,988,625

)

 

 

(3,988,625

)

 

Net income attributable to unitholders for EPU computation

$

2,617,636

 

 

$

3,192,075

 

 

$

1,921,948

 

 

$

2,575,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of units outstanding for basic EPU computation

 

20,004,351

 

 

 

19,810,991

 

 

 

19,990,120

 

 

 

19,806,173

 

 

Effect of dilutive participating securities:

 

 

 

 

 

 

 

 

 

 

 

 

Unvested restricted units

 

—

 

(1)

 

2,646

 

 

 

—

 

(1)

 

—

 

(1)

Weighted average number of equivalent units outstanding for diluted EPU computation

 

20,004,351

 

 

 

19,813,637

 

 

 

19,990,120

 

 

 

19,806,173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed income

$

0.13

 

 

$

0.16

 

 

$

0.10

 

 

$

0.13

 

 

Total basic

$

0.13

 

 

$

0.16

 

 

$

0.10

 

 

$

0.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per unit:

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed income

$

0.13

 

 

$

0.16

 

 

$

0.10

 

 

$

0.13

 

 

Total diluted

$

0.13

 

 

$

0.16

 

 

$

0.10

 

 

$

0.13

 

 

(1) Anti-dilutive, therefore not included.