Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share and Earnings Per Unit

v3.22.1
Earnings Per Share and Earnings Per Unit
3 Months Ended
Mar. 31, 2022
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
March 31, 2022

 

 

Three Months
Ended
March 31, 2021

 

Numerator:

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

73,575

 

 

$

47,383

 

Denominator:

 

 

 

 

 

 

Denominator for basic earnings per share – weighted
   average shares

 

 

83,644

 

 

 

75,387

 

Effect of Dilutive Securities:

 

 

 

 

 

 

Stock options and non-vested stock

 

 

194

 

 

 

123

 

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

 

 

83,838

 

 

 

75,510

 

Basic earnings per common share attributable to
   common shareholders

 

$

0.88

 

 

$

0.63

 

Diluted earnings per common share attributable to
   common shareholders

 

$

0.88

 

 

$

0.63

 

 

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, 2022

 

 

Three Months
Ended
March 31, 2021

 

Numerator:

 

 

 

 

 

 

Net income attributable to common unitholders

 

$

73,575

 

 

$

47,383

 

Denominator:

 

 

 

 

 

 

Denominator for basic earnings per unit – weighted
   average units

 

 

83,644

 

 

 

75,387

 

Effect of Dilutive Securities:

 

 

 

 

 

 

Stock options and non-vested stock

 

 

194

 

 

 

123

 

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

 

 

83,838

 

 

 

75,510

 

Basic earnings per common unit attributable to
   common unitholders

 

$

0.88

 

 

$

0.63

 

Diluted earnings per common unit attributable to
   common unitholders

 

$

0.88

 

 

$

0.63

 

 

Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 123,436 unvested restricted shares for the three months ended March 31, 2022, and 149,227 unvested restricted shares for the three months ended March 31, 2021, because their effect would be antidilutive. Additionally, not included in the effect of dilutive securities above for both earnings per

share and earnings per unit for the three months ended March 31, 2022 is the effect of 3,590,603 preferred noncontrolling redeemable Operating Partnership Units as such Units are not redeemable at March 31, 2022.