Note 11 - Net Income Attributable to Controlling Interests Per Common Share

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

11.

Net Income Attributable to Controlling Interests Per Common Share

We compute net income attributable to controlling interests per common share by dividing net income attributable to controlling interests by the weighted average number of shares of common stock (including participating securities) outstanding during the period, as discussed below. Diluted computations applicable in financial reporting periods in which we report income use the treasury stock method to reflect the potential dilution to the basic income per share of common stock computations that could occur if securities or other contracts to issue common stock were exercised, were converted into common stock or were to result in the issuance of common stock that would share in our results of operations. In performing our net income attributable to controlling interests per share of common stock computations, we apply accounting rules that require us to include all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted calculations. Common stock and certain unvested share-based payment awards earn dividends equally, and we have included all outstanding restricted stock awards in our basic and diluted calculations for current and prior periods.

The following table sets forth the computations of net income attributable to controlling interests per share of common stock (in thousands, except per share data):

		For the Three Months Ended
		March 31,
		2025				2024
Numerator:
Net income attributable to controlling interests		$	31,520			$	26,170
Preferred stock and preferred unit dividends and discount accretion			(3,574	)			(6,292	)
Net income attributable to common shareholders—basic			27,946				19,878
Effect of dilutive preferred stock dividends and discount accretion			600				597
Net income attributable to common shareholders—diluted		$	28,546			$	20,475
Denominator:
Basic (including unvested share-based payment awards) (1)			15,115				14,673
Effect of dilutive stock compensation arrangements and exchange of preferred stock			4,070				4,051
Diluted (including unvested share-based payment awards) (1)			19,185				18,724
Net income attributable to common shareholders per share—basic		$	1.85			$	1.35
Net income attributable to common shareholders per share—diluted		$	1.49			$	1.09

(1)

Shares related to unvested share-based payment awards included in our basic and diluted share counts were 352,266 for the three months ended March 31, 2025 compared to 293,578 for the three months ended March 31, 2024, respectively.

As their effects were anti-dilutive, we excluded stock options to purchase 0.1 million shares from our net income attributable to controlling interests per share of common stock calculations for the three months ended March 31, 2024. There were no such anti-dilutive stock options for the three months ended March 31, 2025.

For the three months ended March 31, 2025 and 2024, we included 4.0 million shares of common stock for each period in our outstanding diluted share counts associated with our Series A Preferred Stock. See Note 5, "Redeemable Preferred Stock," for a further discussion of these convertible securities.