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Earnings per Share
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

16. Earnings per Share

The following table summarizes the components used in the calculation of basic and diluted earnings per share ("EPS"):

 

 

 

For the Three Months Ended
June 30,

 

 

For the Six Months Ended
June 30,

 

(in thousands, except per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Basic earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to Broadstone Net Lease, Inc. common
   shareholders

 

$

33,516

 

 

$

21,214

 

 

$

60,274

 

 

$

43,437

 

Less: earnings allocated to unvested restricted shares

 

 

(105

)

 

 

(97

)

 

 

(202

)

 

 

(201

)

Net earnings used to compute basic earnings per common share

 

$

33,411

 

 

$

21,117

 

 

$

60,072

 

 

$

43,236

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings used to compute basic earnings per share

 

$

33,411

 

 

$

21,117

 

 

$

60,072

 

 

$

43,236

 

Net earnings attributable to non-controlling interests

 

 

2,036

 

 

 

1,606

 

 

 

3,719

 

 

 

3,343

 

Net earnings used to compute diluted earnings per common share

 

$

35,447

 

 

$

22,723

 

 

$

63,791

 

 

$

46,579

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

169,933

 

 

 

146,506

 

 

 

167,072

 

 

 

146,089

 

Less: weighted average unvested restricted shares (a)

 

 

(378

)

 

 

(387

)

 

 

(374

)

 

 

(361

)

Weighted average number of common shares outstanding used in
   basic earnings per common share

 

 

169,555

 

 

 

146,119

 

 

 

166,698

 

 

 

145,728

 

Effects of restricted stock units (b)

 

 

378

 

 

 

219

 

 

 

325

 

 

 

147

 

Effects of convertible membership units (c)

 

 

10,323

 

 

 

11,092

 

 

 

10,323

 

 

 

11,240

 

Weighted average number of common shares outstanding used in
   diluted earnings per common share

 

 

180,256

 

 

 

157,430

 

 

 

177,346

 

 

 

157,115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.20

 

 

$

0.14

 

 

$

0.36

 

 

$

0.30

 

Diluted earnings per share

 

$

0.20

 

 

$

0.14

 

 

$

0.36

 

 

$

0.30

 
(a)
Represents the weighted average effects of 391,187 and 378,516 unvested restricted shares of common stock as of June 30, 2022 and 2021, respectively, which will be excluded from the computation of earnings per share until they vest. The shares of restricted common stock were not included in the calculation of diluted earnings per share, as the effect of doing so would have been anti-dilutive.
(b)
Represents the weighted average effects of shares of common stock to be issued as though the end of the period were the end of the performance period (see Note 15).
Represents the weighted average effects of 10,323,206 and 10,481,872 OP Units outstanding at June 30, 2022 and 2021, respectively. OP Units are included in the diluted earnings per share calculation. However, because such OP Units would also require that the share of the net income attributable to such OP units also be added back to net income, there is no effect to EPS.