Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

Net Income Per Common Share

Schedule of basic and diluted net income per share

Basic and diluted net income per share was as follows (in thousands except per share amounts):

	For the Year Ended December 31,
	2024		2023		2022
Net income	$	94,879	$	91,462	$	100,584
Less income allocated to non-controlling interests		(3,839)		(1,727)		(560)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(682)		(587)		(531)
Income allocated to participating securities		—		—		(49)
Total net income allocated to participating securities		(682)		(587)		(580)
Net income available to common stockholders		90,358		89,148		99,444
Effect of dilutive securities:
Participating securities (1)		—		—		—
Net income for diluted net income per share	$	90,358	$	89,148	$	99,444
Shares for basic net income per share		43,743		41,272		39,894
Effect of dilutive securities:
Stock options (1)		—		—		—
Performance-based stock units		498		86		173
Participating securities (1)		—		—		—
Total effect of dilutive securities		498		86		173
Shares for diluted net income per share		44,241		41,358		40,067
Basic net income per share	$	2.07	$	2.16	$	2.49
Diluted net income per share	$	2.04	$	2.16	$	2.48

(1) For the years ended December 31, 2024, 2023 and 2022, the participating securities and stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.