Annual report pursuant to Section 13 and 15(d)

Earnings Per Share and Earnings Per Unit

v3.10.0.1
Earnings Per Share and Earnings Per Unit
12 Months Ended
Dec. 31, 2018
Earnings Per Share [Abstract]  
Earnings Per Share and Earnings Per Unit

3. EARNINGS PER SHARE AND EARNINGS PER UNIT

The Company reports earnings per share and earnings per unit data in accordance with 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.

 

 

 

Year Ended December 31,

 

(Amounts in thousands, except per share data)

 

2018

 

 

2017

 

 

2016

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

206,590

 

 

$

96,365

 

 

$

85,225

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share - weighted average

   shares

 

 

46,501

 

 

 

46,373

 

 

 

43,184

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and non-vested stock

 

 

96

 

 

 

117

 

 

 

223

 

Denominator for diluted earnings per share - adjusted weighted

   average shares and assumed conversion

 

 

46,597

 

 

 

46,490

 

 

 

43,407

 

Basic Earnings per common share attributable to common

   shareholders

 

$

4.44

 

 

$

2.08

 

 

$

1.97

 

Diluted Earnings per common share attributable to common

   shareholders

 

$

4.43

 

 

$

2.07

 

 

$

1.96

 

 

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

 

 

 

Year Ended December 31,

 

(Amounts in thousands, except per unit data)

 

2018

 

 

2017

 

 

2016

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common unitholders

 

$

206,590

 

 

$

96,365

 

 

$

85,225

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per unit - weighted average units

 

 

46,501

 

 

 

46,373

 

 

 

43,184

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and non-vested stock

 

 

96

 

 

 

117

 

 

 

223

 

Denominator for diluted earnings per unit - adjusted weighted

   average units and assumed conversion

 

 

46,597

 

 

 

46,490

 

 

 

43,407

 

Basic Earnings per common unit attributable to common

   unitholders

 

$

4.44

 

 

$

2.08

 

 

$

1.97

 

Diluted Earnings per common unit attributable to common

   unitholders

 

$

4.43

 

 

$

2.07

 

 

$

1.96

 

 

Not included in the effect of dilutive securities above are 5,500 stock options and 101,714 unvested restricted shares for the year ended December 31, 2018; 13,750 stock options and 133,512 unvested restricted shares for the year ended December 31, 2017; and 107,283 unvested restricted shares for the year ended December 31, 2016. The effects of including these securities would have been anti-dilutive.