EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of the computation of basic and diluted earnings per common share

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Earnings (loss) per common share - basic and diluted
Numerator
Net income	$	40,730	$	21,411	$	104,040	$	54,961
Net income attributable to noncontrolling interests	(10,506)		(7,924)		(24,260)		(24,404)
Net income attributable to National Storage Affiliates Trust	30,224		13,487		79,780		30,557
Distributions to preferred shareholders	(3,276)		(3,275)		(9,827)		(9,822)
Distributed and undistributed earnings allocated to participating securities	(16)		(11)		(43)		(34)
Net income attributable to common shareholders - basic	26,932		10,201		69,910		20,701
Effect of assumed conversion of dilutive securities	10,138		—		23,183		—
Net income attributable to common shareholders - diluted	$	37,070	$	10,201	$	93,093	$	20,701

Denominator
Weighted average shares outstanding - basic	86,257		68,887		78,307		65,643
Effect of dilutive securities:
Weighted average effect of outstanding forward offering agreement	—		—		133		—
Weighted average OP units outstanding	30,103		—		29,940		—
Weighted average DownREIT OP unit equivalents outstanding	1,925		—		1,925		—
Weighted average LTIP units outstanding	80		—		101		—
Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents	21,660		—		20,577		—
Weighted average shares outstanding - diluted	140,025		68,887		130,983		65,643


Earnings (loss) per share - basic	$	0.31	$	0.15	$	0.89	$	0.32
Earnings (loss) per share - diluted	$	0.26	$	0.15	$	0.71	$	0.32