Note 11 - Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

11. Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of the Company’s common stock outstanding and excludes any unvested restricted stock units issued pursuant to the 2020 LTIP.

Diluted earnings (loss) per share is computed by adjusting basic earnings (loss) per share for the dilutive effect of the assumed vesting of restricted stock units. Additionally, the Company includes the dilutive effect of the potential redemption of OP Units for common shares in accordance with the amended partnership agreement of the OP. During periods of net loss, the assumed vesting of restricted stock units is anti-dilutive and is not included in the calculation of earnings (loss) per share.

The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts):

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2021		2020			2021		2020
Net income attributable to common stockholders	$	13,233	$	2,862		$	27,142	$	1,779
Earnings for basic computations
Net income attributable to redeemable noncontrolling interests		11,084		7,805			32,747		5,293
Net income for diluted computations	$	24,317	$	10,667		$	59,889	$	7,072
Weighted-average common shares outstanding
Average number of common shares outstanding - basic		6,863		5,261			5,738		5,253
Average number of unvested restricted stock units		440		289			446		126
Average number of OP Units and SubOP Units		13,417		13,575			13,663		13,065
Average number of common shares outstanding - diluted		20,720		19,125			19,847		18,444
Earnings (loss) per weighted average common share:
Basic	$	1.93	$	0.54		$	4.73	$	0.34
Diluted	$	1.17	$	0.52	(1)	$	3.02	$	0.33	(1)

(1) Unvested restricted stock units, OP Units and SubOP Units are not included in the diluted earnings per share calculation for 2020.