Three Months Ended March 31,

(dollars in thousands)

2022

2021

Numerator:

(As Restated)

Net income attributable to Acadia

$

16,838

$

4,817

Less: net income attributable to participating securities

(204

)

(156

)

Income from continuing operations net of income attributable to participating securities

$

16,634

$

4,661

Denominator:

Weighted average shares for basic earnings per share

93,285,565

86,323,267

Effect of dilutive securities:

Series A Preferred OP Units

25,067

—

Employee unvested restricted shares

24,468

23,093

Denominator for diluted earnings per share

93,335,100

86,346,360

Basic and diluted earnings per Common Share from continuing operations attributable to Acadia

$

0.18

$

0.05

Anti-Dilutive Shares Excluded from Denominator:

Series A Preferred OP Units

—

188

Series A Preferred OP Units - Common share equivalent

—

25,067

Series C Preferred OP Units

126,593

Series C Preferred OP Units - Common share equivalent

439,556