Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share and Earnings Per Unit

v3.10.0.1
Earnings Per Share and Earnings Per Unit
9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Earnings Per Share and Earnings Per Unit

12. EARNINGS PER SHARE AND EARNINGS PER UNIT

The Company reports earnings per share and earnings per unit data in accordance ASC Topic 260, “Earnings Per Share.” Under ASC Topic 260-10, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and shall be included in the computation of earnings-per-share pursuant to the two-class method. The Parent Company and the Operating Partnership have calculated their basic and diluted earnings per share/unit using the two-class method.

The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method.

Earnings Per Share

 

(in thousands except per share data)

 

Three Months

Ended

September 30, 2018

 

 

Three Months

Ended

September 30, 2017

 

 

Nine Months

Ended

September 30, 2018

 

 

Nine Months

Ended

September 30, 2017

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

41,120

 

 

$

35,496

 

 

$

114,283

 

 

$

75,280

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share – weighted

   average shares

 

 

46,526

 

 

 

46,416

 

 

 

46,487

 

 

 

46,362

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and non-vested stock

 

 

102

 

 

 

104

 

 

 

93

 

 

 

110

 

Denominator for diluted earnings per share – adjusted

   weighted average shares and assumed conversion

 

 

46,628

 

 

 

46,520

 

 

 

46,580

 

 

 

46,472

 

Basic earnings per common share attributable to

   common shareholders

 

$

0.88

 

 

$

0.76

 

 

$

2.46

 

 

$

1.62

 

Diluted earnings per common share attributable to

   common shareholders

 

$

0.88

 

 

$

0.76

 

 

$

2.45

 

 

$

1.62

 

 

Earnings Per Unit

The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method.

 

(in thousands except per unit data)

 

Three Months

Ended

September 30, 2018

 

 

Three Months

Ended

September 30, 2017

 

 

Nine Months

Ended

September 30, 2018

 

 

Nine Months

Ended

September 30, 2017

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common unitholders

 

$

41,120

 

 

$

35,496

 

 

$

114,283

 

 

$

75,280

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per unit – weighted

   average units

 

 

46,526

 

 

 

46,416

 

 

 

46,487

 

 

 

46,362

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and non-vested stock

 

 

102

 

 

 

104

 

 

 

93

 

 

 

110

 

Denominator for diluted earnings per unit – adjusted

   weighted average units and assumed conversion

 

 

46,628

 

 

 

46,520

 

 

 

46,580

 

 

 

46,472

 

Basic earnings per common unit attributable to

   common unitholders

 

$

0.88

 

 

$

0.76

 

 

$

2.46

 

 

$

1.62

 

Diluted earnings per common unit attributable to

   common unitholders

 

$

0.88

 

 

$

0.76

 

 

$

2.45

 

 

$

1.62

 

 

Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 88,621 unvested restricted shares for the three months ended September 30, 2018, and 17,500 stock options and 133,179 unvested restricted shares for the three months ended September 30, 2017, because their effect would be antidilutive. Not included in the effect of dilutive securities above are 7,333 stock options and 105,935 unvested restricted shares for the nine months ended September 30, 2018, and 14,667 stock options and 139,107 unvested restricted shares for the nine months ended September 30, 2017, because their effect would be antidilutive.