Net Income Per Common Share

12 Months Ended

Dec. 31, 2021

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,
	2021			2020			2019
Net income	$	56,224		$	95,677		$	80,872
Less income allocated to non-controlling interests		(363)			(384)			(346)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(458)			(397)			(372)
Income allocated to participating securities		—			(25)			(19)
Total net income allocated to participating securities		(458)			(422)			(391)
Net income available to common stockholders		55,403			94,871			80,135
Effect of dilutive securities:
Participating securities ⁽¹⁾		—			—			—
Net income for diluted net income per share	$	55,403		$	94,871		$	80,135

Shares for basic net income per share		39,156			39,179			39,571
Effect of dilutive securities:
Stock options		—	⁽²⁾		—	⁽²⁾		4
Performance-based stock units		—	⁽³⁾		85			184
Participating securities ⁽¹⁾		—			—			—
Total effect of dilutive securities		—			85			188
Shares for diluted net income per share		39,156			39,264			39,759

Basic net income per share	$	1.41		$	2.42		$	2.03
Diluted net income per share	$	1.41		$	2.42		$	2.02

(1)	For the years ended December 31, 2021, 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.

(2)	For the years ended December 31, 2021 and 2020, the stock options have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.

(3)	For the year ended December 31, 2021, no performance-based stock units would be earned based on TSR targets.