Income per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Income per Share

(7) Income per Share

Income per common share for the three and six months ended June 30, 2022 and 2021 is based on the weighted average number of common shares outstanding during the period. The effects of potentially dilutive securities that are anti-dilutive are not included in the computation of dilutive income per share. We include all common shares granted under our incentive compensation plan which remain unvested (“restricted common shares”) and contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (“participating securities”), in the number of shares outstanding in our basic and diluted EPS calculations using the two-class method. All of our restricted common shares are currently participating securities.

Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, distributed and undistributed earnings are allocated to both common shares and restricted common shares based on the total weighted average shares outstanding during the period. The number of restricted common shares outstanding was less than 1% of total outstanding shares for the three and six months ended June 30, 2022 and 2021 and, consequently, was immaterial to the basic and diluted EPS calculations. Therefore, use of the two-class method had no impact on our basic and diluted EPS calculations for the periods presented. The following table sets forth the computation of basic and diluted net income per common share for the three and six months ended June 30, 2022 and 2021 (amounts in thousands, except per share amounts):

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2022			2021		2022			2021
Net income from continuing operations	$	27,870		$	12,251	$	44,166		$	14,106
Net income (loss) from discontinued operations		(1,524	)		3,515		(1,524	)		5,811
Net income	$	26,346		$	15,766	$	42,642		$	19,917
Weighted average number of common shares outstanding:
Basic		36,382			36,216		36,373			36,200
Effect of dilutive non-vested restricted stock		159			221		167			212
Diluted		36,541			36,437		36,540			36,412
Income (loss) per share:
Basic:
Continuing operations	$	0.77		$	0.34	$	1.21		$	0.39
Discontinued operations		(0.04	)		0.10		(0.04	)		0.16
Net income (loss) per share	$	0.72		$	0.44	$	1.17		$	0.55
Diluted:
Continuing operations	$	0.76		$	0.34	$	1.21		$	0.39
Discontinued operations		(0.04	)		0.10		(0.04	)		0.16
Net income (loss) per share	$	0.72		$	0.43	$	1.17		$	0.55
Common shares excluded from the denominator as anti-dilutive:
Non-vested restricted stock		12			—		6			—