| Schedule of reconciliation of the numerator and denominator of earnings per share calculations |
The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): | | | | | | | | | | | Three Months Ended | | | | | March 31, | | | | | 2026 | | 2025 | | | Numerator for basic and diluted earnings per share: | | | | | | | | | Net income | | $ | 6,240 | | $ | 4,169 | | | Deduct net income attributable to non-controlling interests | | | (3) | | | (14) | | | Deduct earnings allocated to unvested restricted stock (a) | | | (335) | | | (334) | | | Net income available for common stockholders: basic and diluted | | $ | 5,902 | | $ | 3,821 | | | | | | | | | | | | Denominator for basic earnings per share: | | | | | | | | | Weighted average number of common shares outstanding | | | 21,054 | | | 20,820 | | | Effect of dilutive securities: RSUs | | | 69 | | | 131 | | | Denominator for diluted earnings per share: | | | | | | | | | Weighted average number of shares | | | 21,123 | | | 20,951 | | | | | | | | | | | | Earnings per common share: basic and diluted | | $ | .28 | | $ | .18 | | |
| (a) | Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends. |
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| Schedule of impact to the diluted weighted average number of shares of common stock related to the RSUs |
The following table identifies the number of shares of common stock underlying the RSUs that are included in the calculation, on a diluted basis, for such periods: | | | | | | | | | | | As of March 31, 2026: | | | Total Number | | Shares Included Based on (a) | | | | | of Underlying | | Return on | | Stockholder | | | | Shares | Date of Award | | Shares | | Capital Metric | | Return Metric | | Total | | Excluded (b) | July 1, 2025 (c) | | 91,075 | | 45,537 | | — | | 45,537 | | 45,538 | July 16, 2024 (c)(d) | | 87,500 | | 35,413 | | — | | 35,413 | | 52,087 | July 1, 2023 (c)(d) | | 84,500 | | 31,637 | | 41,513 | | 73,150 | | 11,350 | Totals | | 263,075 | | 112,587 | | 41,513 | | 154,100 | | 108,975 |
| | | | | | | | | | | As of March 31, 2025: | | | Total Number | | Shares Included Based on (a) | | | | | of Underlying | | Return on | | Stockholder | | | | Shares | Date of Award | | Shares | | Capital Metric | | Return Metric | | Total | | Excluded (b) | July 16, 2024 (c)(d) | | 88,250 | | 19,628 | | 44,125 | | 63,753 | | 24,497 | July 1, 2023 (c)(d) | | 85,250 | | 22,856 | | 42,625 | | 65,481 | | 19,769 | July 1, 2022 (e) | | 83,240 | | 30,682 | | 33,760 | | 64,442 | | 18,798 | Totals | | 256,740 | | 73,166 | | 120,510 | | 193,676 | | 63,064 |
| (a) | Reflects the number of shares underlying RSUs that would be issued assuming the measurement date used to determine whether the applicable conditions are satisfied is March 31 of the applicable period. |
| (b) | Excluded as the applicable conditions had not been met for these shares at the applicable measurement dates. |
| (c) | The RSUs awarded in 2025, 2024 and 2023 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2028, 2027 and 2026, respectively (see Note 8). |
| (d) | In May 2025, RSUs with respect to 750 shares were forfeited pursuant to each of the RSUs awarded in 2024 and 2023, as the recipient did not maintain a relationship with the Company during the applicable three-year performance cycle. |
| (e) | With respect to the RSUs awarded July 1, 2022, 36,704 shares were deemed to have vested and the balance of 46,536 shares were forfeited as of June 30, 2025. The vested shares were issued in August 2025. |
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