Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Net income	$	24,689	$	33,561
Less income allocated to non-controlling interests		(459)		(427)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities		(165)		(147)
Income allocated to participating securities		—		(58)
Total net income allocated to participating securities		(165)		(205)
Net income available to common stockholders		24,065		32,929
Effect of dilutive securities:
Participating securities (1)		—		—
Net income for diluted net income per share	$	24,065	$	32,929
Shares for basic net income per share		42,891		41,082
Effect of dilutive securities:
Stock options (1)		—		—
Performance-based stock units		141		107
Participating securities (1)		—		—
Total effect of dilutive securities		141		107
Shares for diluted net income per share		43,032		41,189
Basic net income per share	$	0.56	$	0.80
Diluted net income per share	$	0.56	$	0.80

(1) For the three months ended March 31, 2024 and 2023, the participating securities and stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.