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

3 Months Ended

Mar. 31, 2022

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:


	Three Months Ended March 31,
	2022		2021

	(dollars and units in thousands, except per share amounts)
Net income	$	38,266	$	43,315
Noncontrolling interests in the Operating Partnership		(292)		(1,549)
Noncontrolling interest in subsidiaries		181		(34)
Net income attributable to the Company’s common shareholders	$	38,155	$	41,732

Weighted average basic shares outstanding		224,663		199,160
Share options and restricted share units		1,074		1,073
Weighted average diluted shares outstanding ⁽¹⁾		225,737		200,233

Basic earnings per share attributable to common shareholders	$	0.17	$	0.21
Diluted earnings per share attributable to common shareholders ⁽²⁾	$	0.17	$	0.21

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 March 31,
	2022		2021

	(dollars and units in thousands, except per unit amounts)
Net income	$	38,266	$	43,315
Operating Partnership interests of third parties		(292)		(1,549)
Noncontrolling interest in subsidiaries		181		(34)
Net income attributable to common unitholders	$	38,155	$	41,732

Weighted average basic units outstanding		224,663		199,160
Unit options and restricted share units		1,074		1,073
Weighted average diluted units outstanding ⁽¹⁾		225,737		200,233

Basic earnings per unit attributable to common unitholders	$	0.17	$	0.21
Diluted earnings per unit attributable to common unitholders ⁽²⁾	$	0.17	$	0.21

(1)

For the three months ended March 31, 2022 and 2021, the Company declared cash dividends per common share/unit of $0.43 and $0.34, respectively.

(2)

The amount of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit for the three months ended March 31, 2022 was 0.3 million. There were no anti-dilutive options for the three months ended March 31, 2021.