Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings per Share

Schedule of basic and diluted net income 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,
	2023		2022		2023		2022
Net income	$	6,604	$	54,490	$	40,165	$	68,997
Less income allocated to non-controlling interests		(430)		(107)		(857)		(202)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(146)		(133)		(293)		(270)
Income allocated to participating securities		—		(185)		—		(137)
Total net income allocated to participating securities		(146)		(318)		(293)		(407)
Net income available to common stockholders		6,028		54,065		39,015		68,388
Effect of dilutive securities:
Participating securities (1)		—		—		—		—
Net income for diluted net income per share	$	6,028	$	54,065	$	39,015	$	68,388
Shares for basic net income per share		41,145		39,492		41,113		39,347
Effect of dilutive securities:
Stock options (1)		—		—		—		—
Performance-based stock units		87		173		87		173
Participating securities (1)		—		—		—		—
Total effect of dilutive securities		87		173		87		173
Shares for diluted net income per share		41,232		39,665		41,200		39,520
Basic net income per share	$	0.15	$	1.37	$	0.95	$	1.74
Diluted net income per share	$	0.15	$	1.36	$	0.95	$	1.73

(1) For the three and six months ended June 30, 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.