Earnings per Share

6 Months Ended

Jun. 30, 2021

10.

Earnings 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,
	2021			2020		2021			2020
Net income	$	18,330		$	1,952	$	32,180		$	65,674
Less income allocated to non-controlling interests		(91)			(82)		(179)			(171)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(113)			(97)		(233)			(191)
Income allocated to participating securities		—			—		—			(87)
Total net income allocated to participating securities		(113)			(97)		(233)			(278)
Net income available to common stockholders		18,126			1,773		31,768			65,225
Effect of dilutive securities:
Participating securities ⁽¹⁾		—			—		—			—
Net income for diluted net income per share	$	18,126		$	1,773	$	31,768		$	65,225

Shares for basic net income per share		39,169			39,055		39,135			39,298
Effect of dilutive securities:
Stock options		1			—		1			—
Performance-based stock units		—	⁽²⁾		82		—	⁽²⁾		82
Participating securities ⁽¹⁾		—			—		—			—
Total effect of dilutive securities		1			82		1			82
Shares for diluted net income per share		39,170			39,137		39,136			39,380

Basic net income per share	$	0.46		$	0.05	$	0.81		$	1.66
Diluted net income per share	$	0.46		$	0.05	$	0.81		$	1.66

(1)	For the three and six months ended June 30, 2021, and 2020, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.

(2)	For the three and six months ended June 30, 2021, no performance-based stock units would be earned based on TSR targets.