Basic and diluted earnings per share attributable to common stockholders was calculated as follows:


	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025			2024
Numerator
Net income (loss)	$	(4,536	)	$	1,328	$	2,471		$	7,614
Less: Net income (loss) attributable to non-controlling interest		(60	)		14		10			82
Less: Net income attributable to redeemable non-controlling interest - Series C Preferred Units		1,619			—		2,706			—
Net income (loss) attributable to Plymouth Industrial REIT, Inc.		(6,095	)		1,314		(245	)		7,532
Less: Amount allocated to participating securities		100			94		195			188
Net income (loss) attributable to common stockholders	$	(6,195	)	$	1,220	$	(440	)	$	7,344
Denominator
Weighted-average common shares outstanding — basic		44,926,680			44,991,220		45,006,217			44,963,908
Add: Effect of dilutive securities(1)		—			36,283		—			30,152
Weighted-average common shares outstanding — diluted		44,926,680			45,027,503		45,006,217			44,994,060
Net income (loss) per share — basic and diluted
Net income (loss) per share attributable to common stockholders — basic	$	(0.14	)	$	0.03	$	(0.01	)	$	0.16
Net income (loss) per share attributable to common stockholders — diluted	$	(0.14	)	$	0.03	$	(0.01	)	$	0.16

(1)

During the three and six months ended June 30, 2025, all unvested restricted shares of common stock were deemed to be anti-dilutive due to the net loss attributable to common stockholders. During the three and six months ended June 30, 2024, there were approximately 156 and 32,144, respectively, of unvested restricted shares of common stock on a weighted average basis that were not included in the computation of diluted earnings per share as including these shares would be anti-dilutive. All warrants were out of the money and were also excluded from the computation of diluted earnings per share as they were deemed to be anti-dilutive.

The Company uses the two-class method of computing earnings per common share in which participating securities are included within the basic earnings per share (“EPS”) calculation. The amount allocated to participating securities is according to dividends declared (whether paid or unpaid). The restricted stock does not have any participatory rights in undistributed earnings. The unvested shares of restricted stock are accounted for as participating securities as they contain nonforfeitable rights to dividends. PSUs, which are subject to vesting based on the Company achieving certain total shareholder return thresholds over a three-year performance period, are included as contingently issuable shares in the calculation of diluted EPS when the total shareholder return thresholds are achieved

at or above the threshold levels specific in the award agreements, assuming the reporting period is the end of the performance period, and the effect is dilutive.