The Company calculates basic and diluted earnings per share using the two-class method. Basic earnings per share is computed based on the weighted average shares of the Company’s Common Stock outstanding for the period. Diluted earnings per share is computed based on the weighted average number of shares outstanding and all potentially dilutive securities, which include shares of restricted Common Stock and Performance Deferred Stock Units, or DSUs. The shares of restricted Common Stock contain non-forfeitable dividend distribution rights and are considered participating securities. The Performance DSUs are entitled to dividend equivalents which are paid to the grantee only in the event that the applicable performance criteria are achieved and the Performance DSUs vest.

The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per share using the two-class method (amounts in thousands, except share data and per share amounts):


	Three Months Ended March 31,
		2026		2025
Earnings:
Net income attributable to common stockholders		$	12,420	$	7,898
Less: Income allocated to participating securities		(57)		(45)
Net income used in basic earnings per share		12,363		7,853
Add back: Income allocated to participating securities		57		45
Net income used in diluted earnings per share		$	12,420	$	7,898

Weighted Average Shares:
Basic weighted average number of common shares outstanding		54,933,931		55,130,665
Dilutive effect of weighted average shares of non-vested restricted common stock		255,339		314,110
Dilutive effect of weighted average shares of Performance DSUs		234,508		176,117
Diluted weighted average number of common shares outstanding		55,423,778		55,620,892

Net income per share attributable to common stockholders:
Basic		$	0.23	$	0.14
Diluted		$	0.22	$	0.14