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Earnings per Share
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share

14. 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
March 31,

 

(in thousands, except per share amounts)

 

2023

 

 

2022

 

Basic earnings:

 

 

 

 

 

 

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

 

$

39,304

 

 

$

26,758

 

Less: earnings allocated to unvested restricted shares

 

 

(136

)

 

 

(97

)

Net earnings used to compute basic earnings per common share

 

$

39,168

 

 

$

26,661

 

 

 

 

 

 

 

 

Diluted earnings:

 

 

 

 

 

 

Net earnings used to compute basic earnings per share

 

$

39,168

 

 

$

26,661

 

Net earnings attributable to non-controlling interests

 

 

2,070

 

 

 

1,683

 

Net earnings used to compute diluted earnings per common share

 

$

41,238

 

$

28,344

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

186,561

 

 

 

164,179

 

Less: weighted average unvested restricted shares (a)

 

 

(431

)

 

 

(370

)

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

 

 

186,130

 

 

 

163,809

 

Effects of restricted stock units (b)

 

 

220

 

 

 

156

 

Effects of convertible membership units (c)

 

 

9,826

 

 

 

10,323

 

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

 

 

196,176

 

 

 

174,288

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.21

 

 

$

0.16

 

Diluted earnings per share

 

$

0.21

 

 

$

0.16

 
(a)
Represents the weighted average effects of 494,845 and 366,912 unvested restricted shares of common stock as of March 31, 2023 and 2022, respectively, which will be excluded from the computation of earnings per share until they vest.
(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 13).
(c)
Represents the weighted average effects of 9,308,457 and 10,323,206 OP Units outstanding at March 31, 2023 and 2022, 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.