Company: IIPR
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001677576-25-000005
Chunk: 70

Company: INNOVATIVE INDUSTRIAL PROPERTIES INC
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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5, 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 nine months ended September 30, 2025 and 2024 have been included in net income attributable to common stockholders to calculate net income per basic and diluted share.  The 12,647 shares necessary to settle the Exchangeable Senior Notes on the if-exchanged method basis were dilutive for the nine months ended September 30, 2024, and were included in the computation of diluted earnings per share.For the three and nine months ended September 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 September 30, 2024. The PSUs expired on December 31, 2024.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 Nine Months EndedSeptember 30,September 30,2025202420252024Net income$29,305 $40,215 $86,406 $121,636 Preferred stock dividends(1,017)(564)(2,676)(1,240)Distribution to participating securities(741)(570)(2,246)(1,684)Net income attributable to common stockholders used to compute net income per share – basic27,54739,08181,484118,712Dilutive effect of Exchangeable Senior Notes———28Net income attributable to common stockholders used to compute net income per share – diluted$27,547 $39,081 $81,484 $118,740 Weighted-average common shares outstanding:Basic27,912,88128,254,56528,036,17928,216,946Restricted stock and RSUs390,719299,770365,884293,105PSUs—25,352—25,352Dilutive effect of Exchangeable Senior Notes———12,647Diluted28,303,60028,579,68728,402,06328,548,050Net income attributable to common stockholders per share:Basic$0.99 $1.38 $2.91 $4.21 Diluted$0.97 $1.37 $