Note 10 - Earnings Per Share

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

10. Earnings Per Share

The two class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. The LTIP units held by the non-controlling interest holders, which may be converted to common shares of beneficial interest, have been excluded from the denominator of the diluted earnings per share calculation as there would be no effect on the amounts since limited partners' share of income or loss would also be added back to net income or loss. Unvested restricted shares, unvested long-term incentive plan units and unvested Class A Performance LTIP units that could potentially dilute basic earnings per share in the future would not be included in the computation of diluted loss per share for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. For the years ended December 31, 2025, 2024 and 2023, the Company excluded zero, 414,635, and 157,641, respectively, of unvested shares and units as their effect would have been anti-dilutive.

The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data):

	For the year ended
	December 31,
	2025			2024			2023
Numerator:
Net income (loss) attributable to common shareholders	$	7,103		$	(3,784	)	$	(5,306	)
Dividends paid on unvested shares and units		(197	)		(127	)		(110	)
Net income (loss) attributable to common shareholders	$	6,906		$	(3,911	)	$	(5,416	)
Denominator:
Weighted average number of common shares - basic		48,793,017			48,900,997			48,847,386
Effect of dilutive securities:
Unvested shares and units		1,199,052			—			—
Weighted average number of common shares - diluted		49,992,069			48,900,997			48,847,386
Basic income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average basic common share	$	0.14		$	(0.08	)	$	(0.11	)
Diluted income (loss) per common share:
Net income (loss) attributable to common shareholders per weighted average diluted common share	$	0.14		$	(0.08	)	$	(0.11	)