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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 9 Months Ended
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Sep. 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 September 30, | ​ | Nine Months Ended September 30,
​ | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021
​ | ​ | (dollars and units in thousands, except per share amounts)
Net income |  | $ | 113,440 |  | $ | 90,569 | ​ | $ | 210,300 | ​ | $ | 184,250
Noncontrolling interests in the Operating Partnership | ​ |  | (733) | ​ |  | (3,149) | ​ |  | (1,404) | ​ |  | (6,466)
Noncontrolling interest in subsidiaries | ​ |  | 181 | ​ |  | 230 | ​ |  | 505 | ​ |  | 350
Net income attributable to the Company’s common shareholders | ​ | $ | 112,888 | ​ | $ | 87,650 | ​ | $ | 209,401 | ​ | $ | 178,134
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic shares outstanding | ​ |  | 225,023 | ​ |  | 202,194 | ​ |  | 224,883 | ​ |  | 200,934
Share options and restricted share units | ​ |  | 943 | ​ |  | 1,603 | ​ |  | 998 | ​ |  | 1,357
Weighted average diluted shares outstanding (1) | ​ |  | 225,966 | ​ |  | 203,797 | ​ |  | 225,881 | ​ |  | 202,291
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share attributable to common shareholders | ​ | $ | 0.50 | ​ | $ | 0.43 | ​ | $ | 0.93 | ​ | $ | 0.89
Diluted earnings per share attributable to common shareholders (2) | ​ | $ | 0.50 | ​ | $ | 0.43 | ​ | $ | 0.93 | ​ | $ | 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021
​ | ​ | (dollars and units in thousands, except per unit amounts)
Net income |  | $ | 113,440 |  | $ | 90,569 | ​ | $ | 210,300 | ​ | $ | 184,250
Operating Partnership interests of third parties | ​ |  | (733) | ​ |  | (3,149) | ​ |  | (1,404) | ​ |  | (6,466)
Noncontrolling interest in subsidiaries | ​ |  | 181 | ​ |  | 230 | ​ |  | 505 | ​ |  | 350
Net income attributable to common unitholders | ​ | $ | 112,888 | ​ | $ | 87,650 | ​ | $ | 209,401 | ​ | $ | 178,134
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic units outstanding | ​ |  | 225,023 | ​ |  | 202,194 | ​ |  | 224,883 | ​ |  | 200,934
Unit options and restricted share units | ​ |  | 943 | ​ |  | 1,603 | ​ |  | 998 | ​ |  | 1,357
Weighted average diluted units outstanding (1) | ​ |  | 225,966 | ​ |  | 203,797 | ​ |  | 225,881 | ​ |  | 202,291
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per unit attributable to common unitholders | ​ | $ | 0.50 | ​ | $ | 0.43 | ​ | $ | 0.93 | ​ | $ | 0.89
Diluted earnings per unit attributable to common unitholders (2) | ​ | $ | 0.50 | ​ | $ | 0.43 | ​ | $ | 0.93 | ​ | $ | 0.88
​
| (1) | For the three and nine months ended September 30, 2022, the Company declared cash dividends per common share/unit of $0.43 and $1.29, respectively. For the three and nine months ended September 30, 2021, the Company declared cash dividends per common share/unit of $0.34 and $1.02, 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 nine months ended September 30, 2022. There were no anti-dilutive options for the three and nine months ended September 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 7,008,397 as of September 30, 2022 and 2021, respectively.

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