Net Income Per Share (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30,				Six months ended June 30,
(dollar amounts in thousands)	2022		2021		2022		2021
Numerator for basic and diluted earnings per share:
Net income	$	35,812	$	23,400	$	62,630	$	38,775
Less: net income attributable to non-controlling interests	(159)		(116)		(278)		(196)
Less: net income allocated to unvested restricted common stock and RSUs	(97)		(68)		(187)		(187)
Net income available for common stockholders: basic	35,556		23,216		62,165		38,392
Net income attributable to non-controlling interests	159		116		278		196
Net income available for common stockholders: diluted	$	35,715	$	23,332	$	62,443	$	38,588
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding	131,280,923		116,538,347		129,077,238		111,903,879
Less: weighted average number of shares of unvested restricted common stock	(9,041)		(219,961)		(9,041)		(225,317)
Weighted average shares outstanding used in basic net income per share	131,271,882		116,318,386		129,068,197		111,678,562
Effects of dilutive securities: (1)
OP Units	553,847		553,847		553,847		553,847
Unvested restricted common stock and RSUs	193,772		641,111		361,154		538,092
Weighted average shares outstanding used in diluted net income per share	132,019,501		117,513,344		129,983,198		112,770,501

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(1)The three months ended June 30, 2022 and 2021 exclude the impact of 405,213 and 7,001 unvested RSUs, respectively, as the effect would have been antidilutive. The six months ended June 30, 2022 and 2021 exclude the impact of 261,400 and 1,470 unvested RSUs, respectively, as the effect would have been antidilutive.