Note 10 - Earnings Per Share

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

10.  EARNINGS PER SHARE

Basic earnings per share for our common shareholders is calculated by dividing income from continuing operations excluding amounts attributable to unvested restricted shares and the net income attributable to non-controlling interests by our weighted-average common shares outstanding during the period.  Diluted earnings per share is computed by dividing the net income attributable to common shareholders excluding amounts attributable to unvested restricted shares and the net income attributable to non-controlling interests by the weighted-average number of common shares including any dilutive unvested restricted shares.

Certain of our performance-based restricted common shares are considered participating securities, which require the use of the two-class method for the computation of basic and diluted earnings per share.   During the years ended December 31, 2023, 2022 and 2021, 693,803, 737,983, and 772,383 OP units, respectively, were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive.

For the years ended December 31, 2023, 2022 and 2021, distributions of $0, $0 and $0, respectively, were made to the holders of certain restricted common shares, none of which were charged against earnings. See Note 14 for information related to restricted common shares under the 2008 Plan.

	Year Ended
	December 31,
(in thousands, except per share data)	2023			2022			2021
Numerator:
Income from continuing operations	$	19,450		$	35,800		$	10,420
Less: Net income attributable to noncontrolling interests		(270	)		(530	)		(172	)
Distributions paid on unvested restricted shares		—			—			—
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares		19,180			35,270			10,248
Income from discontinued operations		—			—			1,833
Less: Net income attributable to noncontrolling interests		—			—			(33	)
Income from discontinued operations attributable to Whitestone REIT		—			—			1,800
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	19,180		$	35,270		$	12,048
Denominator:
Weighted average number of common shares - basic		49,501			49,256			45,486
Effect of dilutive securities:
Unvested restricted shares		1,312			694			850
Weighted average number of common shares - dilutive		50,813			49,950			46,336
Earnings Per Share:
Basic:
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares	$	0.39		$	0.72		$	0.23
Income from discontinued operations attributable to Whitestone REIT		—			—			0.03
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	0.39		$	0.72		$	0.26
Diluted:
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares	$	0.38		$	0.71		$	0.22
Income from discontinued operations attributable to Whitestone REIT		—			—			0.04
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares	$	0.38		$	0.71		$	0.26