Earnings Per Share

9 Months Ended

Sep. 30, 2022

The following table presents the computation of basic and diluted earnings per share (in thousands, except share data) :


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net Income Attributable to Common Stockholders and Participating securities	$	6,510	$	2,697	$	15,285	$	6,893
Add: Preferred Stock Dividends	—		—		—		4
Add: Net Income Attributable to Noncontrolling Interest	113		82		262		236
Dilutive Net Income Attributable to Common Stockholders & Participating Securities	$	6,623	$	2,779	$	15,547	$	7,133

Denominator:
Weighted Average Shares of Common Stock & Participating Securities Outstanding - Basic	21,428,905		19,410,307		21,417,149		15,588,544
Dilutive Effect of OP Units	373,582		—		398,614		—
Dilutive Effect of Options and Warrants	—		145,560		—		48,520

Weighted Average Shares of Common Stock & Participating Securities Outstanding - Diluted	21,802,487		19,555,867		21,815,763		15,637,064

Earnings Per Share - Basic
Net Income Attributable to Common Stockholders & Participating Securities	$	0.30	$	0.14	$	0.71	$	0.44
Earnings Per Share - Diluted
Net Income Attributable to Common Stockholders & Participating Securities	$	0.30	$	0.14	$	0.71	$	0.44

During the three and nine months ended September 30, 2022, the effect of including OP Units were included in our calculation of weighted average shares of common stock outstanding – diluted. The effect of unvested RSUs, outstanding stock options and outstanding warrants were excluded in our calculation of weighted average shares of common stock outstanding – diluted as their inclusion would have been anti-dilutive. During the three and nine months ended September 30, 2021, the effect of including outstanding stock options and outstanding warrants were included in our calculation of weighted average shares of common stock outstanding – diluted. The effect of unvested RSUs and OP Units were excluded in our calculation of weighted average shares of common stock outstanding – diluted as their inclusion would have been anti-dilutive.