v3.26.1
Note 11 - Net Income Attributable to Controlling Interests Per Common Share
6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Earnings Per Share [Text Block]
11.Net Income Attributable to Controlling Interests Per Common Share

 

We compute net income attributable to controlling interests per common share by dividing net income attributable to controlling interests by the weighted average number of shares of common stock (including participating securities) outstanding during the period, as discussed below. Diluted computations applicable in financial reporting periods in which we report income use the treasury stock method to reflect the potential dilution to the basic income per share of common stock computations that could occur if securities or other contracts to issue common stock were exercised, were converted into common stock or were to result in the issuance of common stock that would share in our results of operations. In performing our net income attributable to controlling interests per share of common stock computations, we apply accounting rules that require us to include all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted calculations. Common stock and certain unvested share-based payment awards earn dividends equally, and we have included all outstanding restricted stock awards in our basic and diluted calculations for current and prior periods.

 

The following table sets forth the computations of net income attributable to controlling interests per share of common stock (in thousands, except per share data):

 

  

For the Three Months Ended

  

For the Six Months Ended

 
  

June 30,

  

June 30,

 
  

2026

  

2025

  

2026

  

2025

 

Numerator:

                

Net income attributable to controlling interests

 $49,719  $30,573  $93,894  $62,093 

Preferred stock and preferred unit dividends and discount accretion

  (2,308)  (2,222)  (4,616)  (5,796)

Net income attributable to common shareholders—basic

  47,411   28,351   89,278   56,297 

Effect of dilutive preferred stock dividends and discount accretion

  600   600   1,200   1,200 

Net income attributable to common shareholders—diluted

 $48,011  $28,951  $90,478  $57,497 

Denominator:

                

Basic (including unvested share-based payment awards) (1)

  15,155   15,124   15,065   15,120 

Effect of dilutive stock compensation arrangements and exchange of preferred stock

  4,014   4,063   4,021   4,066 

Diluted (including unvested share-based payment awards) (1)

  19,169   19,187   19,086   19,186 

Net income attributable to common shareholders per share—basic

 $3.13  $1.87  $5.93  $3.72 

Net income attributable to common shareholders per share—diluted

 $2.50  $1.51  $4.74  $3.00 

 

 

(1)

Shares related to unvested share-based payment awards included in our basic and diluted share counts were 558,680 and 502,381 for the three and six months ended June 30, 2026, respectively compared to the 371,800 and 362,087 shares for the three and six months ended June 30, 2025.

 

There were no anti-dilutive stock options excluded from our net income attributable to controlling interests per share of common stock calculations for the three and six months ended June 30, 2026 and 2025.

 

For the three and six months ended June 30, 2026 and 2025, we included 4.0 million shares of common stock for each period in our outstanding diluted share counts associated with our Series A Preferred Stock. See Note 5, "Redeemable Preferred Stock," for a further discussion of these convertible securities.