Alpine Income Property Trust, Inc. Earnings Per Share Disclosure
NOTE 16. COMMON STOCK AND EARNINGS PER SHARE
Basic earnings per common share is computed by dividing net income (loss) attributable to the Company for the period by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share is determined based on the assumption that the OP Units are redeemed for shares of our common stock on a one-for-one basis.
The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per share data):
Year Ended | ||||||||
December 31, 2025 | December 31, 2024 | December 31, 2023 | ||||||
Net Income (Loss) Attributable to Common Stockholders | $ | (3,209) | $ | 2,066 | $ | 2,917 | ||
Weighted Average Number of Common Shares Outstanding | 14,328,451 | 13,858,257 | 13,925,362 | |||||
Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method (1) | 1,223,854 | 1,223,854 | 1,635,162 | |||||
Total Shares Applicable to Diluted Earnings per Share | 15,552,305 | 15,082,111 | 15,560,524 | |||||
Per Common Share Data: | ||||||||
Net Income (Loss) Attributable to Common Stockholders | ||||||||
Basic | $ | (0.22) | $ | 0.15 | $ | 0.21 | ||
Diluted | $ | (0.22) | $ | 0.14 | $ | 0.19 | ||
| (1) | Represents shares underlying OP units including (i) 1,223,854 shares underlying OP Units issued to CTO in connection with our IPO and (ii) 479,640 shares underlying OP Units issued to an unrelated third party in connection with the acquisition of a portfolio of properties during the year ended December 31, 2021, which OP Units were redeemed on a one-for-one basis for shares of common stock of the Company during the year ended December 31, 2023 (see Note 15, “Equity”). |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 5, 2026 | Showing above |
| 2024 | Feb 6, 2025 | |
| 2023 | Feb 8, 2024 | |
| 2022 | Feb 9, 2023 | |
| 2021 | Feb 10, 2022 | |
| 2020 | Feb 16, 2021 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.