Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2020

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):


	Three months ended March 31, 2020								Three months ended March 31, 2019
	Income (Numerator)		Shares (Denominator)	Per Share Amount		Income (Numerator)		Shares (Denominator)	Per Share Amount
Basic EPS
Consolidated net income attributable to common stockholders	$	400	22,070,354			$	7,330	18,811,713
Allocation of earnings to participating restricted shares	(2)		—			(84)		—
Consolidated net income attributable to unrestricted common stockholders	$	398	22,070,354	$	0.02	$	7,246	18,811,713	$	0.39
Effect of dilutive securities
Operating Partnership units	—		—			239		624,106
Restricted stock grants and Manager and director fee shares	2		119,630			84		217,316
Interest expense (add back) and assumed conversion of shares from convertible senior notes⁽¹⁾	—		—			2,549		8,176,313
Diluted EPS
Consolidated net income attributable to common stockholders and dilutive securities	$	400	22,189,984	$	0.02	$	10,118	27,829,448	$	0.36

(1)The effect of the interest expense and assumed conversion of shares from convertible senior notes on the Company's Diluted EPS calculation for the first quarter of 2020 would have been anti-dilutive, accordingly the effect of these securities have been removed from the Diluted EPS calculation for the quarter ended March 31, 2020.