Earnings Per Share

3 Months Ended

Sep. 30, 2022

Earnings Per Share

Basic earnings per share are computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of common stock equivalent shares that could occur if unvested shares were to vest. Common stock equivalent shares are calculated using the

treasury stock method, as applicable. The dilutive effect is computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding plus the effect of the outstanding unvested restricted stock and performance share awards and forward equity sale. Average shares used in computing the basic and diluted earnings per share are as follows:


	Three Months Ended
	September 30, 2022	September 30, 2021
Basic computation	56,310,526	51,891,557
Dilutive effect of:
Performance share awards(1)	14,306	136,865
Forward equity sale(2)	312,572	—
Diluted computation	56,637,404	52,028,422


	Nine Months Ended
	September 30, 2022	September 30, 2021
Basic computation	54,901,161	51,175,345
Dilutive effect of:
Performance share awards(1)	20,150	136,995
Forward equity sale(2)	619,361	—
Diluted computation	55,540,672	51,312,340

_______________________

(1) Performance share awards are included in diluted weighted average number of shares outstanding based upon what would be issued if the end of the most recent reporting period was the end of the term of the award.

(2) Forward equity shares are included in diluted weighted average number of shares outstanding based upon what would be issued if the end of the most recent reporting period was the end of the term of the forward sale agreement.

As of September 30, 2022, there were 51,829 shares from performance and restricted share awards which were antidilutive

and excluded from the earnings per share calculations, compared to 23,722 shares as of September 30, 2021.