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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 12 Months Ended
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Dec. 31, 2017
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL |
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 16. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL Earnings per common share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per common share:
|  | For the year ended December 31, |
|  | 2017 |  | 2016 |  | 2015 |
|  | (Dollars and shares in thousands, except per share amounts) |
Net income |  | $ | 135,611 |  | $ | 88,376 |  | $ | 78,756 |  |
Noncontrolling interests in the Operating Partnership |  |  | (1,593) |  |  | (941) |  |  | (960) |  |
Noncontrolling interest in subsidiaries |  |  | 270 |  |  | 470 |  |  | (84) |  |
Distributions to preferred shareholders (1) |  |  | — |  |  | (5,045) |  |  | (6,008) |  |
Preferred share redemption charge |  |  | — |  |  | (2,937) |  |  | — |  |
Net income attributable to the Company’s common shareholders |  | $ | 134,288 |  | $ | 79,923 |  | $ | 71,704 |  |
Weighted-average shares outstanding |  |  | 180,525 |  |  | 178,246 |  |  | 168,640 |  |
Share options and restricted share units |  |  | 923 |  |  | 1,287 |  |  | 1,551 |  |
Weighted-average diluted shares outstanding (2) |  |  | 181,448 |  |  | 179,533 |  |  | 170,191 |  |
Basic earnings per share attributable to common shareholders |  | $ | 0.74 |  | $ | 0.45 |  | $ | 0.43 |  |
Diluted earnings per share attributable to common shareholders |  | $ | 0.74 |  | $ | 0.45 |  | $ | 0.42 |  |
Earnings per common unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per common unit:
|  | For the year ended December 31, |
|  | 2017 |  | 2016 |  | 2015 |
|  | (Dollars and units in thousands, except per unit amounts) |
Net income |  | $ | 135,611 |  | $ | 88,376 |  | $ | 78,756 |  |
Operating Partnership interests of third parties |  |  | (1,593) |  |  | (941) |  |  | (960) |  |
Noncontrolling interest in subsidiaries |  |  | 270 |  |  | 470 |  |  | (84) |  |
Distribution to preferred unitholders (1) |  |  | — |  |  | (5,045) |  |  | (6,008) |  |
Preferred unit redemption charge |  |  | — |  |  | (2,937) |  |  | — |  |
Net income attributable to common unitholders |  | $ | 134,288 |  | $ | 79,923 |  | $ | 71,704 |  |
Weighted-average units outstanding |  |  | 180,525 |  |  | 178,246 |  |  | 168,640 |  |
Unit options and restricted share units |  |  | 923 |  |  | 1,287 |  |  | 1,551 |  |
Weighted-average diluted units outstanding (2) |  |  | 181,448 |  |  | 179,533 |  |  | 170,191 |  |
Basic earnings per unit attributable to common unitholders |  | $ | 0.74 |  | $ | 0.45 |  | $ | 0.43 |  |
Diluted earnings per unit attributable to common unitholders |  | $ | 0.74 |  | $ | 0.45 |  | $ | 0.42 |  |
| (1) |  | For the year ended December 31, 2016, the Company declared cash dividends per preferred share/unit of $1.626 prior to redemption of the preferred shares on November 2, 2016. For the year ended December 31, 2015, the Company declared cash dividends per preferred share/unit of $1.938.
| (2) |  | For the years ended December 31, 2017, 2016 and 2015, the Company declared cash dividends per common share/unit of $1.11, $0.90, and $0.69, respectively.
The OP units and common units have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. An Operating Partnership unit may be redeemed for cash, or at the Company’s option, common units on a one-for-one basis. Outstanding noncontrolling interest units in the Operating Partnership were 1,878,253; 2,032,394 and 2,159,650 as of December 31, 2017, 2016 and 2015, respectively. There were 182,215,735; 180,083,111 and 174,667,870 common units outstanding as of December 31, 2017, 2016 and 2015, respectively. Common and Preferred Shares On November 2, 2016, the Company redeemed all 3.1 million outstanding shares of 7.75% Series A Cumulative Redeemable Preferred Shares (the “Series A Preferred Shares”) at a cash redemption price of $25.00 per share plus accumulated and unpaid dividends up to and including the date of redemption of $0.17374 per share. The redemption price of $77.5 million for the redemption of the Series A Preferred Shares was paid by the Company from available cash balances. In connection with the redemption, the Company recognized a charge of $2.9 million related to excess redemption costs over the original net proceeds. The Company maintains an at-the-market equity program that enables it to offer and sell up to 40.0 million common shares through sales agents pursuant to equity distribution agreements (the “Equity Distribution Agreements”). The Company’s sales activity under the program for the years ended December 31, 2017, 2016, and 2015 is summarized below:
|  | For the year ended December 31,
|  | 2017 |  | 2016 |  | 2015
|  | (Dollars and shares in thousands, except per share amounts)
Number of shares sold |  |  | 1,036 |  |  | 4,408 |  |  | 8,977
Average sales price per share |  | $ | 29.13 |  | $ | 31.25 |  | $ | 26.35
Net proceeds after deducting offering costs |  | $ | 29,642 |  | $ | 136,120 |  | $ | 234,240
The proceeds from the sales conducted during the years ended December 31, 2017, 2016, and 2015 were used to fund acquisitions of storage properties and for general corporate purposes. As of December 31, 2017, 2016, and 2015, 4.7 million common shares, 5.8 million common shares, and 10.2 million common shares, respectively, remained available for issuance under the Equity Distribution Agreements.

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