Annual report pursuant to Section 13 and 15(d)

Earnings Per Share and Earnings Per Unit

v3.22.0.1
Earnings Per Share and Earnings Per Unit
12 Months Ended
Dec. 31, 2021
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 of the Parent Company utilizing the two-class method.

 

 

 

Year Ended December 31,

 

(amounts in thousands, except per share data)

 

2021

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

249,317

 

 

$

151,571

 

 

$

258,699

 

Denominator:

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share - weighted average
   shares

 

 

78,425

 

 

 

71,055

 

 

 

69,876

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

Stock options and non-vested stock

 

 

183

 

 

 

123

 

 

 

104

 

Denominator for diluted earnings per share - adjusted weighted
   average shares and assumed conversion

 

 

78,608

 

 

 

71,178

 

 

 

69,980

 

Basic Earnings per common share attributable to common
   shareholders

 

$

3.18

 

 

$

2.13

 

 

$

3.70

 

Diluted Earnings per common share attributable to common
   shareholders

 

$

3.17

 

 

$

2.13

 

 

$

3.70

 

 

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

 

 

 

Year Ended December 31,

 

(amounts in thousands, except per unit data)

 

2021

 

 

2020

 

 

2019

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income attributable to common unitholders

 

$

249,317

 

 

$

151,571

 

 

$

258,699

 

Denominator:

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per unit - weighted average units

 

 

78,425

 

 

 

71,055

 

 

 

69,876

 

Effect of Dilutive Securities:

 

 

 

 

 

 

 

 

 

Stock options and non-vested stock

 

 

183

 

 

 

123

 

 

 

104

 

Denominator for diluted earnings per unit - adjusted weighted
   average units and assumed conversion

 

 

78,608

 

 

 

71,178

 

 

 

69,980

 

Basic Earnings per common unit attributable to common
   unitholders

 

$

3.18

 

 

$

2.13

 

 

$

3.70

 

Diluted Earnings per common unit attributable to common
   unitholders

 

$

3.17

 

 

$

2.13

 

 

$

3.70

 

 

Not included in the effect of dilutive securities above are 133,660 unvested restricted shares for the year ended December 31, 2021; 159,228 unvested restricted shares for the year ended December 31, 2020; and 120,741 unvested restricted shares for the year ended December 31, 2019. The effects of including these securities would have been anti-dilutive.