| Schedule of basic and diluted net income per share |
The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Net income | | $ | 16,548 | | $ | 19,738 | | $ | 38,769 | | $ | 44,427 | Less income allocated to non-controlling interests | | | (1,456) | | | (377) | | | (2,997) | | | (836) | Less non-forfeitable dividends on participating securities | | | (154) | | | (173) | | | (317) | | | (338) | Net income available to common stockholders | | | 14,938 | | | 19,188 | | | 35,455 | | | 43,253 | Effect of dilutive securities: | | | | | | | | | | | | | Participating securities (1) | | | — | | | — | | | — | | | — | Net income for diluted net income per share | | $ | 14,938 | | $ | 19,188 | | $ | 35,455 | | $ | 43,253 | | | | | | | | | | | | | | Shares for basic net income per share | | | 45,714 | | | 43,171 | | | 45,524 | | | 43,030 | Effect of dilutive securities: | | | | | | | | | | | | | Performance-based stock units | | | 314 | | | 292 | | | 314 | | | 292 | Participating securities (1) | | | — | | | — | | | — | | | — | Total effect of dilutive securities | | | 314 | | | 292 | | | 314 | | | 292 | Shares for diluted net income per share | | | 46,028 | | | 43,463 | | | 45,838 | | | 43,322 | | | | | | | | | | | | | | Basic net income per share | | $ | 0.33 | | $ | 0.44 | | $ | 0.78 | | $ | 1.01 | Diluted net income per share | | $ | 0.32 | | $ | 0.44 | | $ | 0.77 | | $ | 1.00 |
| (1) | For the three and six months ended June 30, 2025 and 2024, the participating securities were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. |
|