Company: IIPR
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038972
Chunk: 101

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 101
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 share represents the summation of the distributed and undistributed earnings per share class divided by the total number of shares.Through June 30, 2025, all of the Company’s participating securities received dividends or dividend equivalents at an equal dividend rate per share or unit. As a result, distributions to participating securities for the three and six months ended June 30, 2025 and 2024 have been included in net income attributable to common stockholders to calculate net income per basic and diluted share.  The 19,040 shares necessary to settle the Exchangeable Senior Notes on the if-exchanged method basis were dilutive for the six months ended June 30, 2024, and were included in the computation of diluted earnings per share.For the three and six months ended June 30, 2024, the performance share units (“PSUs”) granted to certain employees were included in dilutive securities to the extent the performance thresholds for vesting of the PSUs were met as measured as of June 30, 2024. The PSUs expired on December 31, 2024.

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Computations of net income per basic and diluted share (in thousands, except share and per share data) were as follows:For the Three Months EndedFor the Six Months EndedJune 30,June 30,2025202420252024Net income$26,024 $41,993 $57,101 $81,421 Preferred stock dividends(878)(338)(1,659)(676)Distribution to participating securities(758)(570)(1,505)(1,114)Net income attributable to common stockholders used to compute net income per share – basic24,38841,08553,93779,631Dilutive effect of Exchangeable Senior Notes———28Net income attributable to common stockholders used to compute net income per share – diluted$24,388 $41,085 $53,937 $79,659 Weighted-average common shares outstanding:Basic27,924,09228,250,84328,098,85028,197,930Restricted stock and RSUs393,601300,582353,261289,736PSUs—20,713—20,713Dilutive effect of Exchangeable Senior Notes———19,040Diluted28,317,69328,572,13828,452,11128,527,419Net income attributable to common stockholders per share:Basic$0.87 $