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

12 Months Ended

Dec. 31, 2021

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

Summary of the elements used in calculating basic and diluted earnings 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:


			For the year ended December 31,
			2021				2020				2019

			(dollars and shares in thousands, except per share amounts)
Net income			$	230,813			$	167,611			$	170,771
Noncontrolling interests in the Operating Partnership				(7,873)				(1,825)				(1,708)
Noncontrolling interest in subsidiaries				542				(165)				54
Net income attributable to the Company’s common shareholders			$	223,482			$	165,621			$	169,117

Weighted average basic shares outstanding				203,832				194,147				190,874
Share options and restricted share units				1,177				796				702
Weighted average diluted shares outstanding ⁽¹⁾				205,009				194,943				191,576

Basic earnings per share attributable to common shareholders			$	1.10			$	0.85			$	0.89
Diluted earnings per share attributable to common shareholders ⁽²⁾			$	1.09			$	0.85			$	0.88

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,
			2021				2020				2019

			(dollars and units in thousands, except per unit amounts)
Net income			$	230,813			$	167,611			$	170,771
Operating Partnership interests of third parties				(7,873)				(1,825)				(1,708)
Noncontrolling interest in subsidiaries				542				(165)				54
Net income attributable to common unitholders			$	223,482			$	165,621			$	169,117

Weighted average basic units outstanding				203,832				194,147				190,874
Unit options and restricted share units				1,177				796				702
Weighted average diluted units outstanding ⁽¹⁾				205,009				194,943				191,576

Basic earnings per unit attributable to common unitholders			$	1.10			$	0.85			$	0.89
Diluted earnings per unit attributable to common unitholders ⁽²⁾			$	1.09			$	0.85			$	0.88

(1)

For the years ended December 31, 2021, 2020 and 2019, the Company declared cash dividends per common share/unit of $1.45, $1.33 and $1.29, respectively.

(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 years ended December 31, 2020 were 0.8 million. There were no anti-dilutive options for the years ended December 31, 2021 or 2019.

Schedule of common shares sold pursuant to equity distribution agreements


		For the year ended December 31,
		2021			2020			2019

		(dollars and shares in thousands, except per share amounts)
Number of shares sold			4,982			3,627			5,899
Average sales price per share		$	40.57		$	33.69		$	33.64
Net proceeds after deducting offering costs		$	199,977		$	120,727		$	196,304