COMMON STOCK AND EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

COMMON STOCK AND EARNINGS PER SHARE

COMMON STOCK AND EARNINGS PER SHARE

NOTE 12. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share are computed by dividing net income attributable to the Company for the period by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share are determined based on the assumption of the conversion of OP Units on a one-for-one basis using the treasury stock method at average market prices for the periods. 

The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per share data):

	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Net Income Attributable to Alpine Income Property Trust, Inc.	$	80	$	14,282	$	3,419	$	15,088
Weighted Average Number of Common Shares Outstanding		14,059,173		11,844,108		14,030,025		11,753,904
Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method (1)		1,703,494		1,703,494		1,703,494		1,703,494
Total Shares Applicable to Diluted Earnings per Share		15,762,667		13,547,602		15,733,519		13,457,398
Per Common Share Data:
Net Income Attributable to Alpine Income Property Trust, Inc.
Basic	$	0.01	$	1.21	$	0.24	$	1.28
Diluted	$	0.01	$	1.05	$	0.22	$	1.12

(1) Represents shares underlying OP Units including (i) 1,223,854 shares underlying OP Units issued to CTO in connection with our formation transactions and (ii) 479,640 shares underlying OP Units issued to an unrelated third party in connection with the acquisition of a portfolio of properties during the year ended December 31, 2021 (see Note 11, “Equity”).