Note 9 - Earnings Per Share

9 Months Ended

Sep. 30, 2025

NOTE 9: Earnings Per Share

The following table presents a reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024:

	*For the Three Months Ended*						*For the Nine Months Ended*
	*September 30,*						*September 30,*
	*2025*			*2024*			*2025*			*2024*
Net income	$	6,995		$	12,620		$	23,693		$	41,134
Income allocated to noncontrolling interest		(102	)		(255	)		(401	)		(840	)
Income allocable to common shares	$	6,893		$	12,365		$	23,292		$	40,294
Weighted-average shares outstanding—Basic		233,634,546			224,820,656			232,628,917			224,747,327
Weighted-average shares outstanding—Diluted		234,283,170			226,058,400			233,403,810			225,530,265
Earnings per share—Basic	$	0.03		$	0.05		$	0.10		$	0.18
Earnings per share—Diluted	$	0.03		$	0.05		$	0.10		$	0.18

Certain IROP units and shares deliverable under the Forward Sale Agreements were excluded from the earnings per share computation because their effect would have been anti-dilutive, totaling 8,923,243 for each of the three and nine months ended September 30, 2025. Certain IROP units and RSUs were excluded from the earnings per share computation because their effect would have been anti-dilutive, totaling 5,941,643 for the three months ended September 30, 2024. Certain shares of our common stock deliverable under the Forward Sale Agreements, IROP units, and RSUs were excluded from the earnings per share computation because their effect would have been anti-dilutive, totaling 18,949,573 for the nine months ended September 30, 2024.

INDEPENDENCE REALTY TRUST, INC. 10-Q