Basic earnings or loss per share of common stock (“EPS”) is calculated by dividing net income attributable to common stockholders by the weighted average shares of common stock outstanding for the periods presented. Diluted EPS is computed after adjusting the basic EPS computation for the effect of dilutive common equivalent shares outstanding during the periods presented. Unvested restricted shares of common stock and unvested LTIP units are considered participating securities, which require the use of the two-class method for the computation of basic and diluted earnings per share.

The following table sets forth the computation of our basic and diluted earnings per share of common stock for the three and six months ended June 30, 2026 and 2025 (amounts in thousands, except per share amounts):


	For the three months ended June 30,						For the six months ended June 30,
	2026			2025			2026			2025
Numerator
Net income	$	3,158		$	4,254		$	4,572		$	7,537
Less: Non-controlling interest in Operating Partnership		(108	)		(183	)		(157	)		(339	)
Net income available to Easterly Government Properties, Inc.		3,050			4,071			4,415			7,198
Less: Dividends on participating securities		(239	)		(140	)		(479	)		(347	)
Net income available to common stockholders	$	2,811		$	3,931		$	3,936		$	6,851
Denominator for basic EPS		46,463,199			45,011,585			46,362,418			44,122,803
Dilutive effect of share-based compensation awards		26,926			2,200			30,106			2,484
Dilutive effect of LTIP units (1)		208,993			97,968			185,185			104,836
Denominator for diluted EPS		46,699,118			45,111,753			46,577,709			44,230,123
Basic EPS	$	0.06		$	0.09		$	0.08		$	0.16
Diluted EPS	$	0.06		$	0.09		$	0.08		$	0.15

(1)

During both the three and six months ended June 30, 2026, there were 1,272,035 unvested performance-based LTIP units that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period. During both the three and six months ended June 30, 2025, there were 254,061 unvested performance-based LTIP units that were not included in the computation of diluted EPS because to do so would have been antidilutive for the period.