| Schedule of the Computation of Basic and Diluted Earnings Per Common Share |
The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2022 and 2021 (in thousands, except per share amounts):
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
Earnings per common share - basic and diluted |
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| Numerator |
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| Net income |
$ |
48,425 |
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$ |
35,675 |
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$ |
93,211 |
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$ |
63,310 |
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Net income attributable to noncontrolling interests |
(23,387) |
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(6,957) |
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(42,945) |
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(13,754) |
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Net income attributable to National Storage Affiliates Trust |
25,038 |
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28,718 |
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50,266 |
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49,556 |
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Distributions to preferred shareholders |
(3,382) |
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(3,276) |
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(6,661) |
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(6,551) |
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Distributed and undistributed earnings allocated to participating securities |
(14) |
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(16) |
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(28) |
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(27) |
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Net income attributable to common shareholders - basic |
21,642 |
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25,426 |
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43,577 |
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42,978 |
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Effect of assumed conversion of dilutive securities |
— |
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6,593 |
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— |
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13,045 |
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Net income attributable to common shareholders - diluted |
$ |
21,642 |
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$ |
32,019 |
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$ |
43,577 |
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$ |
56,023 |
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Denominator |
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Weighted average shares outstanding - basic |
91,541 |
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76,712 |
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91,433 |
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74,267 |
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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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— |
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199 |
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Weighted average OP units outstanding |
— |
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29,963 |
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— |
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29,857 |
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Weighted average DownREIT OP unit equivalents outstanding |
— |
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1,925 |
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— |
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1,925 |
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Weighted average LTIP units outstanding |
— |
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91 |
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— |
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112 |
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Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents |
— |
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20,887 |
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— |
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20,036 |
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Weighted average shares outstanding - diluted |
91,541 |
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129,578 |
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91,433 |
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126,396 |
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| Earnings per share - basic |
$ |
0.24 |
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$ |
0.33 |
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$ |
0.48 |
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$ |
0.58 |
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| Earnings per share - diluted |
$ |
0.24 |
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$ |
0.25 |
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$ |
0.48 |
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$ |
0.44 |
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