Three Months Ended March 31,

(dollars in thousands)

2023

2022

Numerator:

Net income attributable to Acadia

$

13,360

$

16,838

Less: earnings attributable to unvested participating securities

(243

)

(204

)

Income from continuing operations net of income attributable to participating securities for basic earnings per share

$

13,117

$

16,634

Denominator:

Weighted average shares for basic earnings per share

95,189,490

93,285,565

Effect of dilutive securities:

Series A Preferred OP Units

—

25,067

Employee unvested restricted shares

—

24,468

Denominator for diluted earnings per share

95,189,490

93,335,100

Basic earnings per Common Share from continuing operations attributable to Acadia

$

0.14

$

0.18

Diluted earnings per Common Share from continuing operations attributable to Acadia

$

0.14

$

0.18

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

126,384

126,593

Series C Preferred OP Units - Common share equivalent

438,831

439,556

Restricted shares

78,060

—