Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share and Earnings Per Unit

v3.20.2
Earnings Per Share and Earnings Per Unit
6 Months Ended
Jun. 30, 2020
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.

Earnings Per Share

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

 

(in thousands except per share data)

 

Three Months

Ended

June 30, 2020

 

 

Three Months

Ended

June 30, 2019

 

 

Six Months

Ended

June 30, 2020

 

 

Six Months

Ended

June 30, 2019

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

36,457

 

 

$

40,742

 

 

$

72,890

 

 

$

75,196

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share – weighted

   average shares

 

 

46,845

 

 

 

46,582

 

 

 

46,761

 

 

 

46,574

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and non-vested stock

 

 

61

 

 

 

49

 

 

 

68

 

 

 

60

 

Denominator for diluted earnings per share – adjusted

   weighted average shares and assumed conversion

 

 

46,906

 

 

 

46,631

 

 

 

46,829

 

 

 

46,634

 

Basic earnings per common share attributable to

   common shareholders

 

$

0.78

 

 

$

0.87

 

 

$

1.56

 

 

$

1.61

 

Diluted earnings per common share attributable to

   common shareholders

 

$

0.78

 

 

$

0.87

 

 

$

1.56

 

 

$

1.61

 

 

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

June 30, 2020

 

 

Three Months

Ended

June 30, 2019

 

 

Six Months

Ended

June 30, 2020

 

 

Six Months

Ended

June 30, 2019

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common unitholders

 

$

36,457

 

 

$

40,742

 

 

$

72,890

 

 

$

75,196

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per unit – weighted

   average units

 

 

46,845

 

 

 

46,582

 

 

 

46,761

 

 

 

46,574

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and non-vested stock

 

 

61

 

 

 

49

 

 

 

68

 

 

 

60

 

Denominator for diluted earnings per unit – adjusted

   weighted average units and assumed conversion

 

 

46,906

 

 

 

46,631

 

 

 

46,829

 

 

 

46,634

 

Basic earnings per common unit attributable to

   common unitholders

 

$

0.78

 

 

$

0.87

 

 

$

1.56

 

 

$

1.61

 

Diluted earnings per common unit attributable to

   common unitholders

 

$

0.78

 

 

$

0.87

 

 

$

1.56

 

 

$

1.61

 

 

Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 117,322 unvested restricted shares for the three months ended June 30, 2020, and 82,108 unvested restricted shares for the three months ended June 30, 2019, because their effect would be antidilutive. Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 108,010 unvested restricted shares for the six months ended June 30, 2020, and 77,939 unvested restricted shares for the six months ended June 30, 2019, because their effect would be antidilutive.