EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of the computation of basic and diluted earnings per common share

The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2022, 2021 and 2020 (in thousands, except per share amounts):


	Year Ended December 31,
	2022		2021		2020
Earnings per common share - basic and diluted
Numerator
Net income	$	183,765	$	146,935	$	79,478
Net income attributable to noncontrolling interests	(80,028)		(41,682)		(30,869)
Net income attributable to National Storage Affiliates Trust	103,737		105,253		48,609
Distributions to preferred shareholders	(13,425)		(13,104)		(13,097)
Distributed and undistributed earnings allocated to participating securities	(58)		(57)		(44)
Net income attributable to common shareholders - basic	90,254		92,092		35,468
Effect of assumed conversion of dilutive securities	—		40,231		—
Net income attributable to common shareholders - diluted	$	90,254	$	132,323	$	35,468

Denominator
Weighted average shares outstanding - basic	91,239		81,195		66,547
Effect of dilutive securities:
Weighted average effect of outstanding forward offering agreement	—		100		60
Weighted average OP units outstanding	—		30,124		—
Weighted average DownREIT OP unit equivalents outstanding	—		1,925		—
Weighted average LTIP units outstanding	—		96		—
Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents	—		21,098		—
Weighted average shares outstanding - diluted	91,239		134,538		66,607

Earnings per share - basic	$	0.99	$	1.13	$	0.53
Earnings per share - diluted	$	0.99	$	0.98	$	0.53
Dividends declared per common share	$	2.15	$	1.59	$	1.35