EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

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 three and nine months ended September 30, 2023 and 2022 (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Earnings per common share - basic and diluted
Numerator
Net income	$	43,064	$	40,177	$	128,932	$	133,388
Net income attributable to noncontrolling interests	(13,827)		(17,966)		(41,290)		(60,911)
Net income attributable to National Storage Affiliates Trust	29,237		22,211		87,642		72,477
Distributions to preferred shareholders	(5,110)		(3,382)		(13,908)		(10,043)
Distributed and undistributed earnings allocated to participating securities	(13)		(14)		(44)		(44)
Net income attributable to common shareholders - basic	24,114		18,815		73,690		62,390
Effect of assumed conversion of dilutive securities	13,396		—		40,012		—
Net income attributable to common shareholders - diluted	$	37,510	$	18,815	$	113,702	$	62,390

Denominator
Weighted average shares outstanding - basic	87,004		91,471		88,263		91,446
Effect of dilutive securities:
Weighted average OP units outstanding	38,030		—		38,505		—
Weighted average DownREIT OP unit equivalents outstanding	2,121		—		2,121		—
Weighted average LTIP units outstanding	61		—		54		—
Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents	18,902		—		18,667		—
Weighted average shares outstanding - diluted	146,118		91,471		147,610		91,446

Earnings per share - basic	$	0.28	$	0.21	$	0.83	$	0.68
Earnings per share - diluted	$	0.26	$	0.21	$	0.77	$	0.68