A portion of the Company's non-vested share-based payment awards are considered participating securities and as such, the Company is required to use the two-class method for the computation of basic and diluted earnings per share. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The non-vested share-based payment awards are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
BASIC
Net income attributable to common shareholders	$	90,274	$	34,616	$	86,896	$	79,345
Weighted-average number of common shares outstanding - basic	58,125,736		58,406,114		58,127,561		58,374,162

Net income attributable to common shareholders - per common share basic	$	1.55	$	0.59	$	1.49	$	1.36

DILUTED
Net income attributable to common shareholders - basic	$	90,274	$	34,616	$	86,896	$	79,345





Weighted-average common shares outstanding - basic	58,125,736		58,406,114		58,127,561		58,374,162
Effect of dilutive securities:

Unvested share-based payment awards	540,782		130,066		338,376		116,947




Weighted-average common shares outstanding - diluted	58,666,518		58,536,180		58,465,937		58,491,109

Net income attributable to common shareholders - per common share diluted	$	1.54	$	0.59	$	1.49	$	1.36

For per common share amounts, all incremental shares are considered anti-dilutive for periods that have a loss from continuing operations attributable to common shareholders. In addition, other common share equivalents may be anti-dilutive in certain periods.

Calculation of dilutive earnings requires certain potentially dilutive shares to be excluded when the inclusion of such shares would be anti-dilutive. The following table summarizes the potentially dilutive shares excluded from the dilutive earnings per share calculation as the inclusion of such shares would be anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025

Unvested participating securities	22,293	1,345	13,039	1,250

Preferred shares - Series C	942,102	942,114	942,107	942,114