Earnings per Share

3 Months Ended

Mar. 31, 2023

Earnings per Share

Earnings per Share

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
	March 31,
	2023		2022
Net income	$	33,561	$	14,507
Less income allocated to non-controlling interests		(427)		(95)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(147)		(137)
Income allocated to participating securities		(58)		—
Total net income allocated to participating securities		(205)		(137)
Net income available to common stockholders		32,929		14,275
Effect of dilutive securities:
Participating securities (1)		—		—
Net income for diluted net income per share	$	32,929	$	14,275
Shares for basic net income per share		41,082		39,199
Effect of dilutive securities:
Stock options (1)		—		—
Performance-based stock units		107		150
Participating securities (1)		—		—
Total effect of dilutive securities		107		150
Shares for diluted net income per share		41,189		39,349
Basic net income per share	$	0.80	$	0.36
Diluted net income per share	$	0.80	$	0.36

(1) For the three months ended March 31, 2023 and 2022, the participating securities and stock options have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.