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).
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Numerators – Basic and Diluted |
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Net income |
$ |
7,443 |
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$ |
9,358 |
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$ |
17,936 |
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$ |
30,326 |
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Income attributable to non-controlling interests |
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(17 |
) |
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(12 |
) |
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(37 |
) |
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(38 |
) |
Earnings attributable to unvested shares |
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(111 |
) |
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(131 |
) |
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(304 |
) |
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(398 |
) |
Net income attributable to common stockholders after
allocation to participating securities |
$ |
7,315 |
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$ |
9,215 |
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$ |
17,595 |
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$ |
29,890 |
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Denominators – Number of Shares |
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Basic – Average shares outstanding |
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115,135 |
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105,004 |
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108,914 |
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104,973 |
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Assumed conversion of dilutive securities - PRSAs and PB LTIPs |
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594 |
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260 |
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534 |
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235 |
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Assumed conversion of dilutive securities - Forward equity |
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1,205 |
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— |
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1,366 |
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— |
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Diluted – Average shares outstanding |
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116,934 |
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105,264 |
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110,814 |
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105,208 |
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Earnings Per Share: |
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Basic |
$ |
0.06 |
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$ |
0.09 |
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$ |
0.16 |
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$ |
0.28 |
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Diluted |
$ |
0.06 |
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$ |
0.09 |
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$ |
0.16 |
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$ |
0.28 |
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