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

3 Months Ended

Mar. 31, 2023

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,					​
​	​	2023		​	2022
​	​	(dollars and units in thousands, except per share amounts)
Net income		$	97,942		$	38,266	​
Noncontrolling interests in the Operating Partnership	​		(614)	​		(292)	​
Noncontrolling interest in subsidiaries	​		238	​		181	​
Net income attributable to the Company’s common shareholders	​	$	97,566	​	$	38,155	​
​	​	​	​	​	​	​	​
Weighted average basic shares outstanding	​		225,294	​		224,663	​
Share options and restricted share units	​		889	​		1,074	​
Weighted average diluted shares outstanding (1)	​		226,183	​		225,737	​
​	​	​	​	​	​	​	​
Basic earnings per share attributable to common shareholders	​	$	0.43	​	$	0.17	​
Diluted earnings per share attributable to common shareholders (2)	​	$	0.43	​	$	0.17	​

​

​

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,
​	​	2023		​	2022
​	​	(dollars and units in thousands, except per unit amounts)
Net income		$	97,942		$	38,266
Operating Partnership interests of third parties	​		(614)	​		(292)
Noncontrolling interest in subsidiaries	​		238	​		181
Net income attributable to common unitholders	​	$	97,566	​	$	38,155
​	​	​	​	​	​	​
Weighted average basic units outstanding	​		225,294	​		224,663
Unit options and restricted share units	​		889	​		1,074
Weighted average diluted units outstanding (1)	​		226,183	​		225,737
​	​	​	​	​	​	​
Basic earnings per unit attributable to common unitholders	​	$	0.43	​	$	0.17
Diluted earnings per unit attributable to common unitholders (2)	​	$	0.43	​	$	0.17

​

(1) For the three months ended March 31, 2023 and 2022, the Company declared cash dividends per common share/unit of $0.49 and $0.43, respectively.

​

(2) For the three months ended March 31, 2023 and 2022, the amount of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit was 0.7 million and 0.3 million, respectively.

​

Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and OP units have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average OP units outstanding for the three months ended March 31, 2023 and 2022 were 1.4 million and 1.7 million, respectively.

​

Summary of OP and Common units

​

​	​	​	​	​
​	​	As of March 31,
​	​	2023	​	2022
Outstanding OP units		1,418,549	​	1,460,520
Outstanding common units	​	224,671,525	​	224,433,506

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Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

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Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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