Year Ended December 31,

(in thousands, except for share and per share amounts)

2021

2020

2019

Basic Earnings

Net income

$

159,974

$

46,069

$

75,056

Less: Income attributable to non-controlling interest

2,230

1,199

2,088

Less: Income attributable to participating shares

9,093

1,392

653

Basic earnings

$

148,651

$

43,478

$

72,315

Diluted Earnings

Net income

$

159,974

$

46,069

$

75,056

Less: Income attributable to non-controlling interest

2,230

1,199

2,088

Less: Income attributable to participating shares

9,093

1,392

653

Diluted earnings

$

148,651

$

43,478

$

72,315

Number of Shares

Basic — Average shares outstanding

68,511,578

53,736,523

42,011,750

Effect of dilutive securities — Unvested participating shares

149,328

81,855

35,898

Diluted — Average shares outstanding

68,660,906

53,818,378

42,047,648

Earnings Per Share Attributable to RC Common Stockholders:

Basic

$

2.17

$

0.81

$

1.72

Diluted

$

2.17

$

0.81

$

1.72