Item 8.01. Other Events.

On January 5, 2022, Agree Realty Corporation (the "Company") announced its weighted-average number of common shares outstanding for the three and twelve months ended December 31, 2021. The following table computes the Company's weighted-average number of common shares outstanding for the periods:





                                                            Three Months            Twelve Months
                                                                Ended                   Ended
                                                          December 31, 2021       December 31, 2021
Weighted-average number of common shares outstanding              70,499,486              67,004,069
Less: Unvested restricted stock                                     (201,827 )              (201,827 )

Weighted-average number of common shares outstanding used in basic earnings per share

                                  70,297,659              66,802,242

Weighted-average number of common shares outstanding used in basic earnings per share

                                  70,297,659              66,802,242
Effect of dilutive securities:
Share-based compensation                                             118,299                 118,460
2020 ATM forward equity offerings                                     77,838                 153,200
2021 ATM forward equity offerings                                     58,605                  50,757
December 2021 Forward Offering                                        57,681                  14,420

Weighted-average number of common shares outstanding used in diluted earnings per share

                                70,610,082              67,139,079

Operating Partnership Units ("OP Units")                             347,619                 347,619

Weighted-average number of common shares and OP Units outstanding used in diluted earnings per share


70,957,701              67,486,698

To account for the potential dilution resulting from the forward equity offerings on earnings per share calculations, the Company used the treasury stock method to determine the dilution during the period of time prior to settlement. The impact of the offerings on the Company's weighted-average diluted shares for the three months ended December 31, 2021 was 194,124 weighted-average incremental shares. The impact of the offerings on the Company's weighted-average diluted shares for the twelve months ended December 31, 2021 was 218,377 weighted-average incremental shares.

© Edgar Online, source Glimpses