| Earnings Per Common Share |
14. Earnings Per Common Share The Company’s unvested LTIP Units are entitled to non-forfeitable dividend equivalent rights and are therefore considered participating securities. Accordingly, basic earnings per Common Share is computed using the two-class method. Diluted earnings per Common Share reflects the potential dilutive effect of Restricted Share Units issued under the Company’s Amended and Restated 2020 Plan (Note 13), and the shares issuable upon settlement of any outstanding forward sale agreements (Note 10), calculated using the treasury stock method. The assumed conversion of Common Operating Partnership Units is excluded from both basic and diluted earnings per Common Share, as the related income is reflected as noncontrolling interests and their conversion would have no net impact on diluted earnings per Common Share. For the three and nine months ended September 30, 2026 and 2025, the Series A Preferred Operating Partnership Units were anti-dilutive and are therefore excluded in the denominator for diluted earnings per Common Share. For the three and nine months ended September 30, 2025, the Series C Preferred Operating Partnership Units, unvested restricted shares and shares issuable under the forward sale agreements, were also anti-dilutive and excluded.
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Three Months Ended September 30, |
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|
Nine Months Ended September 30, |
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(dollars in thousands, except per share data) |
|
2026 |
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2025 |
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|
2026 |
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2025 |
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Numerator: |
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Net (loss) income attributable to Acadia shareholders |
|
$ |
(3,594 |
) |
|
$ |
5,618 |
|
|
$ |
37,921 |
|
|
$ |
9,189 |
|
Less: adjustment of redeemable non-controlling interest to estimated redemption value (Note 10) |
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|
— |
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|
|
(888 |
) |
|
|
(5,661 |
) |
|
|
(888 |
) |
Less: net income attributable to participating securities |
|
|
(332 |
) |
|
|
(340 |
) |
|
|
(996 |
) |
|
|
(1,017 |
) |
Income from continuing operations net of income attributable to participating securities for basic earnings per share |
|
$ |
(3,926 |
) |
|
$ |
4,390 |
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$ |
31,264 |
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$ |
7,284 |
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Denominator: |
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Weighted average shares for basic earnings per share |
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137,648,134 |
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131,019,918 |
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134,197,552 |
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127,812,182 |
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Effect of dilutive securities: |
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Employee unvested restricted shares |
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— |
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2,312 |
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|
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— |
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|
6,531 |
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Assumed settlement of forward sales agreements (Note 10) |
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— |
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— |
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281,876 |
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— |
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Denominator for diluted earnings per share |
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137,648,134 |
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|
131,022,230 |
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134,479,428 |
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127,818,713 |
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Basic earnings per Common Share from continuing operations attributable to Acadia shareholders |
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$ |
(0.03 |
) |
|
$ |
0.03 |
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|
$ |
0.23 |
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$ |
0.06 |
|
Diluted earnings per Common Share from continuing operations attributable to Acadia shareholders |
|
$ |
(0.03 |
) |
|
$ |
0.03 |
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|
$ |
0.23 |
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$ |
0.06 |
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Anti-Dilutive Shares Excluded from Denominator: |
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Series A Preferred OP Units |
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|
188 |
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|
188 |
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|
188 |
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|
188 |
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Series A Preferred OP Units - Common share equivalent |
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|
25,067 |
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|
25,067 |
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25,067 |
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25,067 |
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Series C Preferred OP Units |
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— |
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66,519 |
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— |
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|
66,519 |
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Series C Preferred OP Units - Common share equivalent |
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|
— |
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|
|
230,967 |
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|
— |
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|
230,967 |
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Restricted shares |
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|
— |
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|
77,046 |
|
|
|
— |
|
|
|
72,827 |
|
Shares outstanding under the forward sales agreement (Note 10) |
|
|
16,968,879 |
|
|
|
12,759,835 |
|
|
|
9,242,996 |
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|
12,759,835 |
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