EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2026

EARNINGS PER COMMON SHARE

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						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Numerator for basic and diluted earnings per share:
Net income		$	15,665		$	9,418		$	21,905		$	13,587
Deduct net income attributable to non-controlling interests			(7)			(987)			(10)			(1,001)
Deduct earnings allocated to unvested restricted stock (a)			(533)			(332)			(746)			(666)
Net income available for common stockholders: basic and diluted		$	15,125		$	8,099		$	21,149		$	11,920

Denominator for basic earnings per share:
Weighted average number of common shares outstanding			21,075			20,853			21,065			20,836
Effect of dilutive securities: RSUs			123			114			111			112
Denominator for diluted earnings per share:
Weighted average number of shares			21,198			20,967			21,176			20,948

Earnings per common share: basic		$	.72		$	.39		$	1.00		$	.57
Earnings per common share: diluted		$	.71		$	.39		$	1.00		$	.57

(a)	Represents an allocation of distributed earnings to unvested restricted stock that, as participating securities, are entitled to receive dividends.

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 June 30, 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		2,165		47,702		43,373
July 16, 2024 (c)		87,500		37,806		24,922		62,728		24,772
July 1, 2023 (d)		84,500		33,180		42,250		75,430		9,070
Totals		263,075		116,523		69,337		185,860		77,215


As of June 30, 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)		87,500		23,709		43,750		67,459		20,041
July 1, 2023 (d)		84,500		24,706		42,250		66,956		17,544
July 1, 2022 (e)		83,240		32,030		4,674		36,704		46,536
Totals		255,240		80,445		90,674		171,119		84,121

(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 June 30 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 and 2024 vest, subject to satisfaction of the applicable market and/or performance conditions, as of June 30, 2028 and 2027, respectively (see Note 8).

(d)	With respect to the RSUs awarded in 2023, 75,430 shares were deemed to have vested and the balance of 9,070 shares were forfeited as of June 30, 2026. The vested shares will be issued in August 2026.

(e)	With respect to the RSUs awarded in 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.