Net Income Per Common Share

12 Months Ended

Dec. 31, 2020

Net Income Per Common Share

Net Income Per Common Share

13. Net Income Per Common Share

Basic and diluted net income per share was as follows (in thousands except per share amounts):

	For the year ended December 31,
	2020		2019		2018
Net income	$	95,677	$	80,872	$	155,076
Less income allocated to non-controlling interests		(384)		(346)		(95)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(397)		(372)		(357)
Income allocated to participating securities		(25)		(19)		(268)
Total net income allocated to participating securities (1)		(422)		(391)		(625)
Net income available to common stockholders		94,871		80,135		154,356
Effect of dilutive securities:
Participating securities (2)		—		—		625
Net income for diluted net income per share	$	94,871	$	80,135	$	154,981
Shares for basic net income per share		39,179		39,571		39,477
Effect of dilutive securities:
Stock options		—		4		3
Performance-based stock units		85		184		203
Participating securities (2)		—		—		156
Total effect of dilutive securities		85		188		362
Shares for diluted net income per share		39,264		39,759		39,839
Basic net income per share	$	2.42	$	2.03	$	3.91
Diluted net income per share	$	2.42	$	2.02	$	3.89

(1) Under the two-class method of computing earnings per share in accordance with GAAP, income (loss) allocated to participating securities in 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 years ended December 31, 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.