| Schedule of the computation of basic and diluted earnings per common share |
The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share amounts):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
Earnings (loss) per common share - basic and diluted |
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| Numerator |
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| Net income |
$ |
40,730 |
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$ |
21,411 |
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$ |
104,040 |
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$ |
54,961 |
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Net income attributable to noncontrolling interests |
(10,506) |
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(7,924) |
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(24,260) |
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(24,404) |
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Net income attributable to National Storage Affiliates Trust |
30,224 |
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13,487 |
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79,780 |
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30,557 |
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Distributions to preferred shareholders |
(3,276) |
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(3,275) |
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(9,827) |
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(9,822) |
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Distributed and undistributed earnings allocated to participating securities |
(16) |
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(11) |
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(43) |
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(34) |
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Net income attributable to common shareholders - basic |
26,932 |
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10,201 |
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69,910 |
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20,701 |
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Effect of assumed conversion of dilutive securities |
10,138 |
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— |
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23,183 |
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— |
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Net income attributable to common shareholders - diluted |
$ |
37,070 |
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$ |
10,201 |
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$ |
93,093 |
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$ |
20,701 |
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Denominator |
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Weighted average shares outstanding - basic |
86,257 |
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68,887 |
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78,307 |
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65,643 |
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Effect of dilutive securities: |
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| Weighted average effect of outstanding forward offering agreement |
— |
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— |
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133 |
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— |
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Weighted average OP units outstanding |
30,103 |
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— |
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29,940 |
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— |
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Weighted average DownREIT OP unit equivalents outstanding |
1,925 |
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— |
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1,925 |
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— |
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Weighted average LTIP units outstanding |
80 |
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— |
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101 |
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— |
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Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents |
21,660 |
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— |
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20,577 |
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— |
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Weighted average shares outstanding - diluted |
140,025 |
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68,887 |
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130,983 |
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65,643 |
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| Earnings (loss) per share - basic |
$ |
0.31 |
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$ |
0.15 |
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$ |
0.89 |
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$ |
0.32 |
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| Earnings (loss) per share - diluted |
$ |
0.26 |
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$ |
0.15 |
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$ |
0.71 |
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$ |
0.32 |
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