The Company declared a quarterly cash dividend of $0.17 per share of common stock for each of the first, second and third quarters of 2026 and the Company declared a quarterly cash dividend of $0.16 per share of common stock for each of the first, second and third quarters of 2025.

The following table provides a reconciliation of net income and the number of shares of common stock used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of shares of common stock outstanding without regard to potentially dilutive shares of common stock, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts).


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Numerators – Basic and Diluted
Net income	$	7,443		$	9,358		$	17,936		$	30,326
Income attributable to non-controlling interests		(17	)		(12	)		(37	)		(38	)
Earnings attributable to unvested shares		(111	)		(131	)		(304	)		(398	)
Net income attributable to common stockholders after allocation to participating securities	$	7,315		$	9,215		$	17,595		$	29,890

Denominators – Number of Shares
Basic – Average shares outstanding		115,135			105,004			108,914			104,973
Assumed conversion of dilutive securities - PRSAs and PB LTIPs		594			260			534			235
Assumed conversion of dilutive securities - Forward equity		1,205			—			1,366			—
Diluted – Average shares outstanding		116,934			105,264			110,814			105,208

Earnings Per Share:
Basic	$	0.06		$	0.09		$	0.16		$	0.28
Diluted	$	0.06		$	0.09		$	0.16		$	0.28

Basic average shares outstanding do not include RSUs totaling 0.5 million and RSAs totaling 0.2 million that were not vested at September 30, 2026. Basic average shares outstanding do not include RSUs totaling 0.7 million and RSAs totaling 0.1 million that were not vested at September 30, 2025. Dividends are paid on the outstanding RSUs and RSAs, which makes these shares participating securities.

PRSAs and PB LTIPs issued to certain executives were considered dilutive and are included in the computation of diluted EPS for the three and nine months ended September 30, 2026 and 2025.

Forward sale agreements covering approximately 25.6 million and 34.0 million shares of common stock were considered in the computation of diluted EPS for the three and nine months ended September 30, 2026, respectively, using the treasury stock method.

During the three and nine months ended September 30, 2026, the Company settled 7.3 million and 15.7 million shares of common stock, respectively, that were sold on a forward basis. These agreements were not outstanding at September 30, 2025.