| Earnings Per Share |
Earnings per Share The following table summarizes the components used in the calculation of basic and diluted earnings per share (“EPS”): | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands, except per share amounts) | For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Basic earnings: | | | | | | | | Net earnings attributable to Broadstone Net Lease, Inc. common shareholders | $ | 27,117 | | | $ | 26,466 | | | $ | 113,281 | | | $ | 63,369 | | | Less: earnings allocated to unvested restricted shares | (322) | | | (311) | | | (969) | | | (931) | | | Net earnings used to compute basic earnings per common share | $ | 26,795 | | | $ | 26,155 | | | $ | 112,312 | | | $ | 62,438 | | | | | | | | | | | Diluted earnings: | | | | | | | | | Net earnings used to compute basic earnings per common share | $ | 26,795 | | | $ | 26,155 | | | $ | 112,312 | | | $ | 62,438 | | | Add: net earnings attributable to OP Unit holders | 1,151 | | | 1,146 | | | 4,746 | | | 2,739 | | | | | | | | | | | | | | | | | | | Net earnings used to compute diluted earnings per common share | $ | 27,946 | | | $ | 27,301 | | | $ | 117,058 | | | $ | 65,177 | | | | | | | | | | | Weighted average number of common shares outstanding | 191,920 | | | 189,170 | | | 191,745 | | | 189,056 | | Less: weighted average unvested restricted shares (a) | (1,100) | | | (1,071) | | | (1,095) | | | (1,054) | | | Weighted average number of common shares outstanding used in basic earnings per common share | 190,820 | | | 188,099 | | | 190,650 | | | 188,002 | | Add: effects of restricted stock units (b) | 1,169 | | | 1,171 | | | 1,100 | | | 1,066 | | Add: effects of ATM forward equity offerings (c) | 640 | | | — | | | 364 | | | — | | Add: effects of August 2026 forward equity offering (d) | 305 | | | — | | | 102 | | | — | | Add: effects of convertible OP Units (e) | 8,185 | | | 8,362 | | | 8,258 | | | 8,408 | | | Weighted average number of common shares outstanding used in diluted earnings per common share | 201,119 | | | 197,632 | | | 200,474 | | | 197,476 | | | | | | | | | | | Basic earnings per share | $ | 0.14 | | | $ | 0.14 | | | $ | 0.59 | | | $ | 0.33 | | | Diluted earnings per share | $ | 0.14 | | | $ | 0.14 | | | $ | 0.58 | | | $ | 0.33 | |
(a)Represents the weighted average effects of 1,099,757 and 1,070,775 unvested restricted shares of common stock as of September 30, 2026 and 2025, respectively, which will be excluded from the computation of earnings per share until they vest. (b)Represents the weighted average effects of shares of common stock to be issued as though the end of the period were the end of the performance period (see Note 13). (c)Represents the weighted average effects of 8,343,398 shares of common stock issuable upon settlement of forward sale agreements outstanding under the Company’s ATM Program at September 30, 2026, determined using the treasury stock method. (d)Represents the weighted average effects of 12,650,000 shares of common stock issuable upon settlement of forward sale agreements outstanding under the Company’s August 2026 Forward Equity Offering at September 30, 2026, determined using the treasury stock method. (e)Represents the weighted average effects of 8,153,822 and 8,315,458 OP Units outstanding at September 30, 2026 and 2025, respectively.
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