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Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of basic and diluted net income per share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Net income	$	1,952	$	20,534	$	65,674	$	40,961
Less income allocated to non-controlling interests		(82)		(88)		(171)		(169)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(97)		(94)		(191)		(186)
Income allocated to participating securities		—		—		(87)		—
Total net income allocated to participating securities ⁽¹⁾		(97)		(94)		(278)		(186)
Net income available to common stockholders		1,773		20,352		65,225		40,606
Effect of dilutive securities:
Participating securities ⁽²⁾		—		—		—		—
Net income for diluted net income per share	$	1,773	$	20,352	$	65,225	$	40,606

Shares for basic net income per share		39,055		39,577		39,298		39,555
Effect of dilutive securities:
Stock options		—		5		—		5
Performance-based stock units		82		187		82		187
Participating securities ⁽²⁾		—		—		—		—
Total effect of dilutive securities		82		192		82		192
Shares for diluted net income per share		39,137		39,769		39,380		39,747

Basic net income per share	$	0.05	$	0.51	$	1.66	$	1.03
Diluted net income per share	$	0.05	$	0.51	$	1.66	$	1.02

(1)

Under the two-class method of computing earnings per share in accordance with GAAP, income (loss) allocated to participating securities is calculated independently for each quarter and year-to-date period. Therefore, the sum of the amounts for the quarter may not agree with the amounts for the year.

(2)	For the three and six months ended June 30, 2020, and 2019, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.