Earnings per Share (Tables)

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income	$	22,627	$	13,389	$	62,792	$	82,386
Less income allocated to non-controlling interests		(430)		(99)		(1,287)		(301)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(147)		(131)		(440)		(401)
Income allocated to participating securities		—		—		—		(80)
Total net income allocated to participating securities		(147)		(131)		(440)		(481)
Net income available to common stockholders		22,050		13,159		61,065		81,604
Effect of dilutive securities:
Participating securities (1)		—		—		—		—
Net income for diluted net income per share	$	22,050	$	13,159	$	61,065	$	81,604
Shares for basic net income per share		41,153		40,270		41,127		39,658
Effect of dilutive securities:
Stock options (2)		—		1		—		—
Performance-based stock units		58		281		58		281
Participating securities (1)		—		—		—		—
Total effect of dilutive securities		58		282		58		281
Shares for diluted net income per share		41,211		40,552		41,185		39,939
Basic net income per share	$	0.54	$	0.33	$	1.48	$	2.06
Diluted net income per share	$	0.54	$	0.32	$	1.48	$	2.04

(1) For the three and nine months ended September 30, 2023 and 2022, 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 three and nine months ended September 30, 2023 and the nine months ended September 30, 2022, the stock options have been excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.