Earnings per Share

9 Months Ended

Sep. 30, 2022

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,
	2022		2021			2022			2021
Net income	$	13,389	$	11,114		$	82,386		$	43,294
Less income allocated to non-controlling interests		(99)		(92)			(301)			(271)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(131)		(113)			(401)			(346)
Income allocated to participating securities		—		—			(80)			—
Total net income allocated to participating securities		(131)		(113)			(481)			(346)
Net income available to common stockholders		13,159		10,909			81,604			42,677
Effect of dilutive securities:
Participating securities ⁽¹⁾		—		—			—			—
Net income for diluted net income per share	$	13,159	$	10,909		$	81,604		$	42,677

Shares for basic net income per share		40,270		39,177			39,658			39,149
Effect of dilutive securities:
Stock options		1		—	⁽¹⁾		—	⁽¹⁾		—	⁽¹⁾
Performance-based stock units		281		—	⁽²⁾		281			—	⁽²⁾
Participating securities ⁽³⁾		—		—			—			—
Total effect of dilutive securities		282		—			281			—
Shares for diluted net income per share		40,552		39,177			39,939			39,149

Basic net income per share	$	0.33	$	0.28		$	2.06		$	1.09
Diluted net income per share	$	0.32	$	0.28		$	2.04		$	1.09

(1)	For the nine months ended September 30, 2022 and the three and nine months ended September 30, 2021, stock options 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.

(3)	For the three and nine months ended September 30, 2022, and 2021, the participating securities have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.