Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share and Earnings Per Unit

v3.19.1
Earnings Per Share and Earnings Per Unit
3 Months Ended
Mar. 31, 2019
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

March 31, 2019

 

 

Three Months

Ended

March 31, 2018

 

Numerator:

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

34,454

 

 

$

33,889

 

Denominator:

 

 

 

 

 

 

 

 

Denominator for basic earnings per share – weighted

   average shares

 

 

46,565

 

 

 

46,452

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

Stock options and non-vested stock

 

 

72

 

 

 

85

 

Denominator for diluted earnings per share – adjusted

   weighted average shares and assumed conversion

 

 

46,637

 

 

 

46,537

 

Basic earnings per common share attributable to

   common shareholders

 

$

0.74

 

 

$

0.73

 

Diluted earnings per common share attributable to

   common shareholders

 

$

0.74

 

 

$

0.73

 

 

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

March 31, 2019

 

 

Three Months

Ended

March 31, 2018

 

Numerator:

 

 

 

 

 

 

 

 

Net income attributable to common unitholders

 

$

34,454

 

 

$

33,889

 

Denominator:

 

 

 

 

 

 

 

 

Denominator for basic earnings per unit – weighted

   average units

 

 

46,565

 

 

 

46,452

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

Stock options and non-vested stock

 

 

72

 

 

 

85

 

Denominator for diluted earnings per unit – adjusted

   weighted average units and assumed conversion

 

 

46,637

 

 

 

46,537

 

Basic earnings per common unit attributable to

   common unitholders

 

$

0.74

 

 

$

0.73

 

Diluted earnings per common unit attributable to

   common unitholders

 

$

0.74

 

 

$

0.73

 

 

Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 73,770 unvested restricted shares for the three months ended March 31, 2019, and 11,000 stock options and 118,062 unvested restricted shares for the three months ended March 31, 2018, because their effect would be antidilutive.