Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share (dollars in thousands):

	Year ended December 31,
(dollar amounts in thousands)	2022		2021		2020
Numerator for basic and diluted earnings per share:
Net income	$	134,742	$	96,211	$	42,528
Less: net income attributable to non-controlling interests	(612)		(486)		(255)
Less: net income allocated to unvested restricted common stock and RSUs	(374)		(311)		(404)
Net income available for common stockholders: basic	133,756		95,414		41,869
Net income attributable to non-controlling interests	612		486		255
Net income available for common stockholders: diluted	$	134,368	$	95,900	$	42,124
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding	134,950,418		116,479,322		95,664,071
Less: weighted average number of shares of unvested restricted common stock	(9,230)		(121,263)		(353,036)
Weighted average shares outstanding used in basic net income per share	134,941,188		116,358,059		95,311,035
Effects of dilutive securities: (1)
OP Units	553,847		553,847		553,847
Unvested restricted common stock and RSUs	356,044		554,432		332,823
Forward sales through ATM Program	4,837		—		—
Weighted average shares outstanding used in diluted net income per share	135,855,916		117,466,338		96,197,705

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(1)For the years ended December 31, 2022 and 2020 excludes the impact of 171,059 and 124,295 unvested restricted stock units, respectively, as the effect would have been antidilutive.