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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL

9 Months Ended

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.