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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 6 Months Ended
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Jun. 30, 2021
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL |
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 17. 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020
​ | ​ | (dollars and units in thousands, except per share amounts)
Net income | ​ | $ | 50,366 | ​ | $ | 38,932 | ​ | $ | 93,681 | ​ | $ | 77,249
Noncontrolling interests in the Operating Partnership | ​ |  | (1,768) | ​ |  | (389) | ​ |  | (3,317) | ​ |  | (772)
Noncontrolling interest in subsidiaries | ​ |  | 154 | ​ |  | (38) | ​ |  | 120 | ​ |  | (76)
Net income attributable to the Company’s common shareholders | ​ | $ | 48,752 | ​ | $ | 38,505 | ​ | $ | 90,484 | ​ | $ | 76,401
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic shares outstanding | ​ |  | 201,414 | ​ |  | 193,629 | ​ |  | 200,293 | ​ |  | 193,605
Share options and restricted share units | ​ |  | 1,395 | ​ |  | 563 | ​ |  | 1,234 | ​ |  | 626
Weighted average diluted shares outstanding (1) | ​ |  | 202,809 | ​ |  | 194,192 | ​ |  | 201,527 | ​ |  | 194,231
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share attributable to common shareholders | ​ | $ | 0.24 | ​ | $ | 0.20 | ​ | $ | 0.45 | ​ | $ | 0.39
Diluted earnings per share attributable to common shareholders (2) | ​ | $ | 0.24 | ​ | $ | 0.20 | ​ | $ | 0.45 | ​ | $ | 0.39
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per common unit and capital ​ The following is a summary of the elements used in calculating basic and diluted earnings per common unit: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020 | ​
​ | ​ | (dollars and units in thousands, except per unit amounts) | ​
Net income | ​ | $ | 50,366 | ​ | $ | 38,932 | ​ | $ | 93,681 | ​ | $ | 77,249 | ​
Operating Partnership interests of third parties | ​ |  | (1,768) | ​ |  | (389) | ​ |  | (3,317) | ​ |  | (772) | ​
Noncontrolling interest in subsidiaries | ​ |  | 154 | ​ |  | (38) | ​ |  | 120 | ​ |  | (76) | ​
Net income attributable to common unitholders | ​ | $ | 48,752 | ​ | $ | 38,505 | ​ | $ | 90,484 | ​ | $ | 76,401 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic units outstanding | ​ |  | 201,414 | ​ |  | 193,629 | ​ |  | 200,293 | ​ |  | 193,605 | ​
Unit options and restricted share units | ​ |  | 1,395 | ​ |  | 563 | ​ |  | 1,234 | ​ |  | 626 | ​
Weighted average diluted units outstanding (1) | ​ |  | 202,809 | ​ |  | 194,192 | ​ |  | 201,527 | ​ |  | 194,231 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per unit attributable to common unitholders | ​ | $ | 0.24 | ​ | $ | 0.20 | ​ | $ | 0.45 | ​ | $ | 0.39 | ​
Diluted earnings per unit attributable to common unitholders (2) | ​ | $ | 0.24 | ​ | $ | 0.20 | ​ | $ | 0.45 | ​ | $ | 0.39 | ​
​
| (1) | For the three and six months ended June 30, 2021, the Company declared cash dividends per common share/unit of $0.34 and $0.68, respectively, and $0.33 and $0.66, respectively, for the same periods in 2020.
​
| (2) | The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit as the exercise price was higher than the average share price of the Company for the three and six months ended June 30, 2020 were 1.3 million and 1.1 million, respectively. There were no anti-dilutive options for the three and six months ended June 30, 2021.
​ 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 7,284,506 and 1,872,308 as of June 30, 2021 and 2020, respectively. There were 201,768,903 and 193,728,951 common units outstanding as of June 30, 2021 and 2020, respectively. ​

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