Earnings per Share

9 Months Ended

Sep. 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					Nine Months Ended
	September 30,					September 30,
	2021			2020		2021			2020
Net income	$	11,114		$	12,338	$	43,294		$	78,012
Less income allocated to non-controlling interests		(92)			(121)		(271)			(292)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(113)			(103)		(346)			(294)
Income allocated to participating securities		—			—		—			(45)
Total net income allocated to participating securities		(113)			(103)		(346)			(339)
Net income available to common stockholders		10,909			12,114		42,677			77,381
Effect of dilutive securities:
Participating securities ⁽¹⁾		—			—		—			—
Net income for diluted net income per share	$	10,909		$	12,114	$	42,677		$	77,381

Shares for basic net income per share		39,177			39,061		39,149			39,218
Effect of dilutive securities:
Stock options ⁽¹⁾		—			—		—			—
Performance-based stock units		—	⁽²⁾		51		—	⁽²⁾		51
Participating securities ⁽¹⁾		—			—		—			—
Total effect of dilutive securities		—			51		—			51
Shares for diluted net income per share		39,177			39,112		39,149			39,269

Basic net income per share	$	0.28		$	0.31	$	1.09		$	1.97
Diluted net income per share	$	0.28		$	0.31	$	1.09		$	1.97

(1)	For the three and nine months ended September 30, 2021, and 2020, the stock options and 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 nine months ended September 30, 2021, no performance-based stock units would be earned based on TSR targets.