| Schedule of computation of earnings per share |
The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per share data): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, 2022 | | June 30, 2021 | | June 30, 2022 | | June 30, 2021 | Net Income Attributable to Alpine Income Property Trust, Inc. | | $ | 14,282 | | $ | 304 | | $ | 15,088 | | $ | 744 | | | | | | | | | | | | | | Weighted Average Number of Common Shares Outstanding | | | 11,844,108 | | | 8,853,259 | | | 11,753,904 | | | 8,212,902 | Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method (1) | | | 1,703,494 | | | 1,228,524 | | | 1,703,494 | | | 1,226,202 | Total Shares Applicable to Diluted Earnings per Share | | | 13,547,602 | | | 10,081,783 | | | 13,457,398 | | | 9,439,104 | | | | | | | | | | | | | | Per Common Share Data: | | | | | | | | | | | | | Net Income Attributable to Alpine Income Property Trust, Inc. | | | | | | | | | | | | | Basic | | $ | 1.21 | | $ | 0.03 | | $ | 1.28 | | $ | 0.09 | Diluted | | $ | 1.05 | | $ | 0.03 | | $ | 1.12 | | $ | 0.08 |
| (1) | Represents shares underlying OP units including (i) 1,223,854 shares underlying OP Units issued to CTO in connection with our Formation Transactions and (ii) 479,640 shares underlying OP Units issued to an unrelated third party in connection with the acquisition of ten net lease properties during the year ended December 31, 2021 (see Note 11, “Equity”). |
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