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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)

6 Months Ended

Jun. 30, 2021

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

Summary of the elements used in calculating basic and diluted earnings (loss) per common share

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.