Earnings Per Share

6 Months Ended

Jun. 30, 2023

EPS is calculated by dividing net income attributable to common stockholders by the weighted average number of shares outstanding for the period.

The following table presents a reconciliation of income from operations used in the basic and diluted EPS calculations (dollars in thousands, except share and per share data).


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022

Numerator for earnings per share – basic and diluted:
Net income attributable to common stockholders	$	1,012	$	953	$	1,360	$	1,548
Less: Income attributable to participating securities	(346)		(241)		(652)		(470)
Numerator for earnings per share — basic and diluted	$	666	$	712	$	708	$	1,078

Denominator for earnings per share – basic and diluted (1)	19,544,833		18,398,808		19,417,304		18,383,544
Basic and diluted earnings per share	$	0.03	$	0.04	$	0.04	$	0.06

Explanatory Note:

(1) Diluted EPS reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted shares and RSUs issued under the Company’s 2019 Equity Incentive Plan (the “Plan”) (See Note 11. Stockholders’ Equity). The effect of such shares and RSUs would not be dilutive and were not included in the computation of weighted average number of shares outstanding for the periods presented in the table above. OP Units and LTIP Units are redeemable for cash or, at the Company’s option, shares of Class A common stock on an one-for-one basis. The income allocable to such OP Units and LTIP Units is allocated on this same basis and reflected as non-controlling interests in these unaudited Consolidated Financial Statements. As such, the assumed conversion of these OP Units and LTIP Units would have no net impact on the determination of diluted EPS.