Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2019

Components of basic and diluted earnings per share

The following table sets forth the components of basic and diluted EPS ($ in thousands, except per share):


	For the year ended December 31, 2019
	Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic EPS
Consolidated net income attributable to common stockholders	$	34,705	19,710,482
Allocation of earnings to participating restricted shares	(336)		—
Consolidated net income attributable to unrestricted common stockholders	$	34,369	19,710,482	$	1.74
Effect of dilutive securities⁽¹⁾
Operating Partnership units	346		241,093
Interest expense (add back) and assumed conversion of shares from convertible senior notes	10,200		8,221,642
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities	$	44,915	28,173,217	$	1.59

(1)The effect of the restricted stock grants and Manager and director fee shares on the Company's Diluted EPS calculation for 2019 would have been anti-dilutive, accordingly the effect of these securities have been removed from the Diluted EPS calculation for the year ended December 31, 2019.


	For the year ended December 31, 2018
	Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic EPS
Consolidated net income attributable to common stockholders	$	28,340	18,642,526
Allocation of earnings to participating restricted shares	(307)		—
Consolidated net income attributable to unrestricted common stockholders	$	28,033	18,642,526	$	1.50
Effect of dilutive securities⁽¹⁾
Interest expense (add back) and assumed conversion of shares from convertible senior notes	8,786		7,188,020
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities	$	36,819	25,830,546	$	1.43

(1)

(1)The effect of operating partnership units, restricted stock grants and Manager and director fee shares on the Company's Diluted EPS calculation for 2018 would have been anti-dilutive, accordingly the effect of these securities have been removed from the Diluted EPS calculation for the year ended December 31, 2018.


	For the year ended December 31, 2017
	Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic EPS
Consolidated net income attributable to common stockholders	$	28,927	18,074,143
Allocation of earnings to participating restricted shares	(321)		—
Consolidated net income attributable to unrestricted common stockholders	$	28,606	18,074,143	$	1.58
Effect of dilutive securities
Operating Partnership units	998		624,106
Restricted stock grants and Manager and director fee shares	321		203,083
Interest expense (add back) and assumed conversion of shares from convertible senior notes	5,289		4,417,189
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities	$	35,214	23,318,521	$	1.51