Note 12 - Earnings Per Share

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

12. Earnings Per Share

Basic earnings per share is computed by dividing net income 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 per share is computed by adjusting basic earnings 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 per share for the periods presented (in thousands, except per share amounts):

	For the Three Months Ended March 31,
	2022		2021
Net income attributable to common stockholders	$	12,920	$	8,367
Earnings for basic computations
Net income attributable to redeemable noncontrolling interests		4,943		15,829
Net income for diluted computations	$	17,863	$	24,196
Weighted-average common shares outstanding
Average number of common shares outstanding - basic		13,855		5,023
Average number of unvested restricted stock units		525		389
Average number of OP Units and SubOP Units		7,650		13,787
Average number of common shares outstanding - diluted		22,030		19,199
Earnings per weighted average common share:
Basic	$	0.93	$	1.67
Diluted	$	0.81	$	1.26