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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

6 Months Ended

Jun. 30, 2022

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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021

	(dollars and units in thousands, except per share amounts)
Net income	$	58,594	$	50,366	$	96,860	$	93,681
Noncontrolling interests in the Operating Partnership		(379)		(1,768)		(671)		(3,317)
Noncontrolling interest in subsidiaries		143		154		324		120
Net income attributable to the Company’s common shareholders	$	58,358	$	48,752	$	96,513	$	90,484

Weighted average basic shares outstanding		224,960		201,414		224,812		200,293
Share options and restricted share units		935		1,395		1,008		1,234
Weighted average diluted shares outstanding ⁽¹⁾		225,895		202,809		225,820		201,527

Basic earnings per share attributable to common shareholders	$	0.26	$	0.24	$	0.43	$	0.45
Diluted earnings per share attributable to common shareholders ⁽²⁾	$	0.26	$	0.24	$	0.43	$	0.45

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,
	2022		2021		2022		2021

	(dollars and units in thousands, except per unit amounts)
Net income	$	58,594	$	50,366	$	96,860	$	93,681
Operating Partnership interests of third parties		(379)		(1,768)		(671)		(3,317)
Noncontrolling interest in subsidiaries		143		154		324		120
Net income attributable to common unitholders	$	58,358	$	48,752	$	96,513	$	90,484

Weighted average basic units outstanding		224,960		201,414		224,812		200,293
Unit options and restricted share units		935		1,395		1,008		1,234
Weighted average diluted units outstanding ⁽¹⁾		225,895		202,809		225,820		201,527

Basic earnings per unit attributable to common unitholders	$	0.26	$	0.24	$	0.43	$	0.45
Diluted earnings per unit attributable to common unitholders ⁽²⁾	$	0.26	$	0.24	$	0.43	$	0.45

(1)

For the three and six months ended June 30, 2022, the Company declared cash dividends per common share/unit of $0.43 and $0.86, respectively. 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.

(2)

The amount of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit was 0.3 million for both the three and six months ended June 30, 2022. 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 1,460,520 and 7,284,506 as of June 30, 2022 and 2021, respectively.