Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share (dollars in thousands):

	Three months ended September 30,				Nine months ended September 30,
(dollar amounts in thousands)	2020		2019		2020		2019
Numerator for basic and diluted earnings per share:
Net income	$	12,336	$	14,106	$	36,823	$	33,399
Less: net income attributable to non-controlling interests	(73)		(861)		(220)		(6,076)
Less: net income allocated to unvested restricted common stock and RSUs	(95)		(110)		(302)		(377)
Net income available for common stockholders: basic	12,168		13,135		36,301		26,946
Net income attributable to non-controlling interests	73		861		220		6,076
Net income available for common stockholders: diluted	$	12,241	$	13,996	$	36,521	$	33,022
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding	94,499,748		72,979,558		92,460,791		59,025,313
Less: weighted average number of shares of unvested restricted common stock	(240,598)		(495,626)		(390,789)		(649,568)
Weighted average shares outstanding used in basic net income per share	94,259,150		72,483,932		92,070,002		58,375,745
Effects of dilutive securities: (1)
OP Units	553,847		4,777,291		553,847		14,244,493
Unvested restricted common stock and RSUs	226,835		351,726		335,859		401,035
Weighted average shares outstanding used in diluted net income per share	95,039,832		77,612,949		92,959,708		73,021,273

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(1)For the three and nine months ended September 30, 2020, excludes the impact of 109,690 and 106,487 unvested restricted stock units as the effect would have been antidilutive.