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Earnings per Share (Tables)

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Net income	$	12,338	$	27,280	$	78,012	$	68,241
Less income allocated to non-controlling interests		(121)		(88)		(292)		(257)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(103)		(93)		(294)		(279)
Income allocated to participating securities		—		(19)		(45)		(19)
Total net income allocated to participating securities ⁽¹⁾		(103)		(112)		(339)		(298)
Net income available to common stockholders		12,114		27,080		77,381		67,686
Effect of dilutive securities:
Participating securities ⁽²⁾		—		—		—		—
Net income for diluted net income per share	$	12,114	$	27,080	$	77,381	$	67,686

Shares for basic net income per share		39,061		39,586		39,218		39,565
Effect of dilutive securities:
Stock options		—		4		—		4
Performance-based stock units		51		375		51		375
Participating securities ⁽²⁾		—		—		—		—
Total effect of dilutive securities		51		379		51		379
Shares for diluted net income per share		39,112		39,965		39,269		39,944

Basic net income per share	$	0.31	$	0.68	$	1.97	$	1.71
Diluted net income per share	$	0.31	$	0.68	$	1.97	$	1.69

(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 nine months ended September 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.