Quarterly report pursuant to Section 13 or 15(d)

Earnings per Common Share

v3.21.1
Earnings per Common Share
3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Earnings per Common Share EARNINGS PER COMMON SHARE
We determine “Basic earnings per share” using the two-class method as our unvested restricted share awards and units have non-forfeitable rights to dividends, and are therefore considered participating securities. We compute basic earnings per share by dividing net income less the allocation of undistributed earnings to unvested restricted share awards and units by the weighted-average number of common shares outstanding for the period.

We also determine “Diluted earnings per share” as the more dilutive of the two-class method or the treasury stock method with respect to the unvested restricted share awards. We further evaluate any other potentially dilutive securities at the end of the period and adjust the basic earnings per share calculation for the impact of those securities that are dilutive. Our dilutive earnings per share calculation includes the dilutive impact of operating partnership units under the if-converted method and our share based awards with performance conditions prior to the grant date and all market condition awards under the contingently issuable method.
The computations of basic and diluted earnings per share for the three months ended March 31, 2021 and 2020 were as follows (in thousands, except per share data):
  Three Months Ended March 31,
  2021 2020
Numerator:
Net (loss) income $ (1,147) $ 1,719 
Allocation of distributed earnings to unvested restricted share awards (139) (151)
Adjusted net (loss) income $ (1,286) $ 1,568 
Denominator:
Weighted average shares outstanding – basic 84,413  82,086 
Effect of dilutive securities:
Employee restricted share awards —  189 
Operating partnership units —  12 
Weighted average shares outstanding – diluted 84,413  82,287 
Basic net (loss) income per common share $ (0.02) $ 0.02 
Diluted net (loss) income per common share $ (0.02) $ 0.02 
Dividends declared per common share $ 0.30  $ 0.30